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By Mulengera Reporters

Having embraced IMF liberalization policies (and arguments like government not being a good business manager), President Museveni’s nascent NRM government embarked on selling off many state-owned companies which (like now troubled UTL) were once 100% GoU-owned.

This used to house the headquarters of Uganda Commercial Bank one of the many government entities that were sold off

Mulengera News investigations desk today refreshes your mind by reflecting on all these companies-and disclosing which company was sold to who, when and at how much.


The Mulengera News list has over 100 such companies including Uganda Garments Ltd that was in August 2000 sold to Phoenix Logistics Uganda Ltd at Shs807,500,000. Others are Uganda Consolidated properties sold to GoU in April 1999 at Shs16,174,000,000.

There was also Soroti Hotel sold January 1995 to Speed Bird Aviation Services Ltd at 150m; Uganda Cement Industry Tororo Ltd sold October 1995 to Corrugated Sheets Ltd at Shs5,864,857,750; Uganda Cement Industry Hima sold December 1994 to Rawals Group of Industries at Shs20.5bn; Rock Hotel sold to Swisa Industries Ltd in November 1994 at Shs300m and NYTIL sold to Picfare Ltd in March 1996 at Shs10.1bn.

Yet that isn’t all. Mt Moroto Hotel sold to Kodet International in November 1994 at Shs40m; Mt Elgon Hotel was in May 1995 sold to Bugisu Cooperative Union at Shs650m; Masindi Hotel in February 2000 was sold to Ottoman Engineering at Shs198.5m; Lira Hotel (January 1995) to Showa Trade Company Ltd at Shs250m; ITV Sales to Roko Construction (December 1996) at Shs320m; Hotel Margherita (August 1994) to Reco Industries Ltd at Shs365.2m; Hilltop Hotel (May 1995) to Three Links Ltd at Shs35m; African Ceramics Co (May 1996) to Muhindo Enterprises Ltd at Shs270m and Acholi Inn (May 1995) to Ms Laoo Ltd at Shs230m.

Uganda Leather & Tanning Industry was in July 1995 sold to IPS (U) Ltd at Shs1,646,730,000; Uganda Meat Packers (K’la August 1995) to Uganda Meat Industries Ltd at Shs674m; Uganda Spinning Mills Ltd (November 1999) to Guostar Enterprises (U) Ltd at an undisclosed sum; Uganda Meat Packers/Soroti (November 1997) to Teso Agric Industrial Co Ltd at Shs300m; White Horse Inn (August 1994) to Kabale Development Company at Shs600m; White Rhino Hotel (May 1995) to Dolma Associates Ltd at Shs200m; African Textiles Mills (March 1996) to PS Patel at Shs1.4bn and Agip (U) Ltd (May 1996) to Agip Petrol International at Shs1,675,000,000.

Sheraton Kmpala Hotel was among the many government companies that were sold off

Apollo Hotel Corporation Ltd aka Sheraton Kampala  was in March 2001 sold to MIDROC Ethiopia Plc at Shs30,688,020,000; Blenders (U) Ltd (August 1994) to Unilever Overseas Holding BV at Shs493.8m; Comrade Cycles (U) Ltd (January 1997) to Uganda Motors Ltd at a sum we couldn’t readily establish; East African Distillers (November 1992) to International Distillers & Vintners at Shs731m; Kibimba Rice Company Ltd (September 1996) to Tilda Holdings at Shs1,523,515,000; Kinyara Sugar Works Ltd (October 1996) to Rai Holdings at Shs61,546,870,000 and Lake Victoria Bottling Company Ltd (February 1993) to Amos Nzei’s Crown Bottlers (U) Ltd at Shs6.640bn.

Others are Lake Victoria Hotel (PHASE I/August 1995) to Windsor Ltd at Shs2,937,600,000; Lango Devt Co Ltd (May 1998) to Sunset International Ltd at Shs100m; Motorcraft & Sales Ltd (September 1996) to Andami Works Ltd at Shs655m; NIC Ltd (60%/June 2005) to Insurance Group of Nigeria at Shs6,247,163,683; PAPCO Industries Ltd (February 1999) to Praful C Patel at Shs100m; SAIMMCO (September 1999) to Steel Rolling Mills Ltd at Shs202m; UCB (December 1996) to Westmont Land Asia at Shs13.560bnn; Total (U) Ltd (March 1996) to Total Outre Mer at Shs5.7bn; Transoceas 1998 (U) Ltd (July 2001) to Coin Ltd at Shs361m; TUMPECO (August 1994) to GM Company Ltd at Shs1,129bn; UCB (February 2002) to Stanbic Bank at Shs21,994,000; Uganda Fisheries Enterprises (May 1995) to Nordic African Fisheries Co Ltd at Shs1.1bn; UGMCO (Phase I/December 1996) to Greenland Investments Ltd at Shs5.336bn and Uganda Pharmaceuticals Ltd (July 1996) to Vivi Holdings at Shs1.528bn.

Victoria Hotel Entebbe was also at some point 100% GoU-owned

There was also Uganda Industrial Machinery that was in May 1997 sold to FB Lukoma at Shs7m; Uganda Telecom shareholding (June 2000) to Detecom at Shs51.489bn; Kinyara Sugar Works (II/September 2011) to Rai Holdings at Shs61.546bn; Kinyara Sugar Works (III/June 2017) to Rai Holdings at Shs25.974bn; Kinyara Sugar Works (IV/June 2017) to Bunyoro Kitara Kingdom at Shs86.1bn; Uganda Airline (April 1998) to ENHAS at Shs4,331,250,000; Agricultural Enterprises  Ltd (October 1993) to CDC at Shs12.7bn; NEC Pharmaceuticals Ltd (December 1999) to Haupt Groupe at Shs2.259bn; Associated Match Company (June 2001) to Madhvani Group at Shs46,164; Barclays Bank of Uganda Ltd (October 1998) to Barclays Plc at Shs5bn; BAT Uganda (Phase I/September 1999) to BAT Investments Ltd at Shs10.290bn; Uganda Airline (December 1999) to ENHAS Efforte Corp, G/Airlinks & SN) at Shs2.369bn and Kakira Sugar Works (July 2000) to East African Holdings Ltd at Shs3.5bn.

Others are Lake Victoria Hotel Ltd (PHASE II which in September 1999 was sold to The Windsor Ltd at Shs2.818bn; Rwenzori Highland Tea Company (May 2002) to Finlays Group at Shs1.475bn; Steel Corporation of EA Ltd (July 2000) to Muljibhai Madhvani & Co Ltd at Shs362m; Uganda Libyan Arab Holding (April 2008) at Shs1.7m; Sugar Corporation of Uganda Ltd (December 2009) to Mehta Group at Shs1.440bn; Cable Corporation (December 2009) to Mehta Group at Shs1.720bn; UGMA Engineering Corporation (December 2009) to Mehta Group at Shs1.440bn and BAT Uganda (Phase II/June 2000) to public/IPO at Shs4.6bn. Others that went through IPO include New Vision (P&P 20%/September 2004) raising Shs9.167bn; DFCU Bank (July 2004) Shs10,070bn & Uganda Clays Ltd (October 1999) Shs1.454.

Crested Towers too was at some point 100% GoU-owned as one of the many vast properties owned by NHCCL

Other companies on the sold off list include Dairy Corporation Ltd (August 2006) sold to Sameer Agric & Livestock at Shs916m; Mweya Safari Lodge (August 1995) to Madhvani Group at Shs1.821bn; Nile Hotel International Ltd (June 2004) to Serena Tourism Promotion Svs at Shs2.340bn; Uganda Railways Corporation (October 2005) to Sheltam Railway Company at Shs3.479m; Uganda Seeds (Kasese/September 2005) concessioned at Shs322m; Uganda Seeds Masindi & Kisindi at Shs273m; ULI Ltd-Kiryana Ranch concessioned to Zziwa Ranches at Shs855m; ULI Ltd-Kyempisi Ranch to Royal Ranchers Ltd at Shs391m and Kilembe Mines Ltd to Tibet Hima at Shs10.357bn.

There was also Foods & Beverages Ltd (May 1996) that was auctioned to James Mbabazi at Shs670m; Fresh Foods Ltd (May 1996) auctioned to Eddie & Sophie Enterprises at Shs900m; Kampala Auto Center Gomba (November 1995) at Shs110pm; Republic Motors (November 1995) auctioned to Rafiki Trading Company at Shs902.6m; Uganda Hire Purchase Company (November 1995) to Tadeo Kisekka at Shs240,000; Winits (U) Ltd (October 1995) to EMCO Works Ltd at Shs102.5m;Government Central Purchasing Corporation (July 2000) at Shs1bn; Uganda Hardwares Ltd (October 1995) at Shs29m; Uganda Motors (November 1995) at Shs804m; National Housing & Construction Corporation Ltd (June 2005) to Libyan Arab Foreign Investments Ltd (debt/equity swap valued at Shs35.2bn); Shell (U) Ltd (December 1992) to Shell Petroleum Company Ltd at Shs12.790bn; Nile Breweries Ltd (April 1992) to Madhvani Group at Shs731m; Uganda American Insurance Co (November 1992) to American Life Insurance Co at an amount that wasn’t readily established just like in the case of Uganda Cranes Estates Ltd (to Buganda Kingdom); Uganda Securiko Ltd (to Securiko U Ltd) and Uganda Tea Corporation (to Mehta Group). (For comments, email us at



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