{UAH} Allan/Pojim/WBK: Here we go again! Bitature in Shs201 billion debt

http://matookerepublic.com/2016/07/21/bitature-in-shs201-billion-debt/

Bitature in Shs201 billion debt

By Matooke Republic -

July 21, 2016

Share on Facebook

 

Tweet on Twitter

  

Patrick Bitature at his Protea Hotel in Kampala.

Patrick Bitature is one of the richest men in the country, only behind Sudhir Ruparelia according to Forbes magazine. But it turns out he is in debt amounting to Shs201 billion.

Bitature's Simba group owes Crane Bank and other banks a total of Shs201 billion.

Simba Group appeared on a list of distressed companies that government wants to bail out with Shs1 trillion to save them from collapse.

Other prominent companies inlude Roofing Ltd of tycoon Sikander Lalani that owes Shs201 billion, Steel Rolling Mills that is debt of 75.9 billion and others like Ham Towers of Hamis Kiggundu that owes Shs38 billion.

According to the Independent Magazine, the bailout has been proposed to be given out as a loan to the businesses on the list or for government to convert the money it gives to these companies into shares.

We have learnt that the list initially had less than 50 companies but the number doubled after businessmen who learnt that government was planning to provide money to save ailing companies queued up to be included on the list. We could not independently verify that info.

Interestingly sources say that Bitature, together with Prime Minister Ruhakana Rugunda and Gideon Badagawa the Executive Director of Public Sector Foundation came up with the list.

Bitature's protea Hotel.

Bitature the businessman

Bitature started out with Simba Telecom, dealing in MTN airtime. His company grew to become Simba Group with interests in banking, broadcasting and hospitality. Simba Group now trades in four African countries including Uganda, Kenya, Tanzania and Nigeria.

Bitature bought Dembe FM from another tycoon Karim Hirji, but he sold it to Nation Media Group after a few years. His Simba Group also expanded to deal in mobile phones and the Zuku TV dealership. He also owns Protea Hotels in the upscale Kololo and Entebbe and he is the chairman of Umeme.

Some companies on the bailout list

Name	Amount
Steel Rolling Mills Ltd	75,900,000,000
Steel & Tube	99,000,000,000
Shumuk Aluminum Industries Ltd	23,760,000,000
Roofings Steel Mills	201,000,000,000
Colline Hotel	2,800,000,000
Sojovalo Hotel	8,300,000,000
Ban Café	5,000,000,000
Ham Enterprises	38,000,000,000
Club Silk	5,000,000,000
Molly and Paul	653,000,000

 

Moses Ocen Nekyon

Democracy is two Wolves and a Lamb voting on what to have for lunch. Liberty is a well-armed Lamb disputing the results.

Benjamin Franklin

--
Disclaimer:Everyone posting to this Forum bears the sole responsibility for any legal consequences of his or her postings, and hence statements and facts must be presented responsibly. Your continued membership signifies that you agree to this disclaimer and pledge to abide by our Rules and Guidelines.To unsubscribe from this group, send email to: ugandans-at-heart+unsubscribe@googlegroups.com