The committee chaired by the mp for kumi county Patrick Amurait noted that Nsambya Railways land was transferred to government from the privatization unit and each acre out of the 57 acres was sold at reserve price of 1.2 billion shillings which mps questioned.

This followed the Director Privatization unit David Ssebabi revealing to the committee that the cabinet in June 2010 directed the privatization unit to transfer the land to lands commission.

The mps noted that even the money sold out of the Nsambya railways land has not been transferred to the privatization Unit to meet the liabilities accrued during the process of the sale of this land.

The mp for workers Arinaitwe Rwakajara said that Nsambya Railways land must be save because could have been shared by a few individuals who matter in this country through the Uganda lands commission.

The mps also observed that tenants on this land are being issued with eviction letters to leave the land by unknown person claiming to be the owner.

The mps agreed to summon the ministry of finance to explain to why it directed the land of Railways in Nsambya to be sold at reserve price of 1.2 billion shillings instead of calling for competitive biding.

The Director Privatization unit David Ssebale said that the issue of first considering the sitting Tenants while selling the houses of Uganda Railways did not apply because of the directive from government that transferred the land to land commission.

By Isaac Senabulya

The post Privatisation unit officials grilled over Uganda Railways land first appeared on Uganda Multimedia News & Information.

The Privatization Unit under Uganda’s Ministry of Finance Planning and Economic Development has indicated that the government is ready to make an Initial Public Offer (IPO) for its shares in Kinyara Sugar Works in early 2011.

The Communications manager of the Privatization Unit, Jim Mugunga says Kinyara Sugar Works is in the process of producing a transaction advisor for the IPO for the shares before they are listed on Uganda’s Stock Exchange.

After attracting the Rai Group which bought majority stake in the formerly government wholly owned sugar enterprise, the government is now looking to sell off the remaining shares to the public to raise more revenue and improve production capacity for the factory that markets its sugar in Uganda and neighbouring Rwanda, Kenya, Tanzania, Burndi, Sudan and Democratic Republic of Congo.

Mugunga says since its divesture, Kinyara Sugar works has improved operations and grown into one of the most profitable companies in Uganda boosting the country’s revenue earnings.

By Ultimate Media

The post Uganda government to sell its shares in Kinyara Sugar Works first appeared on Uganda Multimedia News & Information.