Uganda sells BAT shares to company (fwd)

[Robert Weissman <rob@essential.org>]

Uganda sells BAT shares to company
by DAN ELWANA / KAMPALA, Monday
Source: Daily Nation, Tuesday, 9/21/99

The Uganda government has sold off its 20 per cent shareholding in the
British American Tobacco to British American Tobacco (Investments)
Limited.

The share sale and purchase agreement was signed at the Ministry of
Finance offices in Kampala today.

The sale of the shares was conducted through the privatisation unit of the
ministry, under the privatisation programme. BATIL is the holding group of
BAT Uganda Limited, with its corporate headquarters in London.

The government has been holding 30 per cent shares in the tobacco
monopoly.

The remaining 10 per cent will be floated through the Stock Exchange when
modalities are put in place for possible purchase of the shares by the
public.

By selling the shares, the government was, in effect, selling back to the
majority shareholder. The BAT Uganda corporate and regulatory affairs
manager, Mr Jimmy Kiberu, told the Nation today that the development was
not unique because government had been divesting from many businesses.

"We are looking forward to the future... we operate in a challenging
environment."