Namboole stadium privatisation on course
Oct 08, 2002
GOVERNMENT is in the final stages of organising the tendering and bidding for Mandela national stadium, Namboole
By Fred Kaweesi
GOVERNMENT is in the final stages of organising the tendering and bidding for Mandela national stadium, Namboole.
Leading audit firms in the country will be deployed in undertaking the legal and financial audit process before the ultra-modern stadium is privatised.
Privatisation Unit public relations officer Jim Mugunga revealed that the government was finalising effective and acceptable modes of the stadium’s divestiture to reputable stakeholders.
“The (many) business inquiries at our offices will prompt us into advertising soon,†Mugunga told The New Vision.
“We are carrying out a study of the stadium operations and options of how shares will be distributed. Reputable consultants have been brought in to make sure it does not strain the taxpayer.â€
Mugunga said the move would not create job insecurity.
“We are certain that more people will be employed. A divested Namboole will create more employment opportunities than a run-down Namboole,†he said.
He said the floating of shares on the stock market will be done in phases that will have the entire service industry targeted.
The 40,202 seater stadium was built through a sh30bn soft loan from the Chinese government.
The management committee, headed by Henry Balamaze Lwanga has since inception struggled to sustain the facility.
GOVERNMENT is in the final stages of organising the tendering and bidding for Mandela national stadium, Namboole.
Leading audit firms in the country will be deployed in undertaking the legal and financial audit process before the ultra-modern stadium is privatised.
Privatisation Unit public relations officer Jim Mugunga revealed that the government was finalising effective and acceptable modes of the stadium’s divestiture to reputable stakeholders.
“The (many) business inquiries at our offices will prompt us into advertising soon,†Mugunga told The New Vision.
“We are carrying out a study of the stadium operations and options of how shares will be distributed. Reputable consultants have been brought in to make sure it does not strain the taxpayer.â€
Mugunga said the move would not create job insecurity.
“We are certain that more people will be employed. A divested Namboole will create more employment opportunities than a run-down Namboole,†he said.
He said the floating of shares on the stock market will be done in phases that will have the entire service industry targeted.
The 40,202 seater stadium was built through a sh30bn soft loan from the Chinese government.
The management committee, headed by Henry Balamaze Lwanga has since inception struggled to sustain the facility.