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GBK denies being in financial crisis

By Vision Reporter

Added 2nd May 2005 03:00 AM

THE managing director of GBK Dairy Products, Godfrey Kacuma, has denied that the company was in a financial crisis.

By Raymond Baguma
THE managing director of GBK Dairy Products, Godfrey Kacuma, has denied that the company was in a financial crisis.
In an interview at his office in Mbarara recently, Kacuma said he had asked the Government for assistance to increase working capital, but had not received any.
Last month, the media reported that President Yoweri Museveni had ordered the finance ministry to provide $2.3b(sh4 trillion) to bail GBK out of the crisis.
“We are not in a financial crisis. We are still operating although we have not got any assistance from the Government,” he said.
Kacuma said the company was producing below optimum level.
“We have the capacity to produce 100,000 litres of milk per day but because of the limited market, we produce between 20,000 and 30,000 daily,” he said.
Kacuma said they had stopped exporting milk to Kenya and Rwanda but would resume under the East African Customs Union.
Ends

GBK denies being in financial crisis

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