Cautionary announcement from NIC
Apr 25, 2019
Resolution of the Makerere University DAP Dispute
Pursuant to Rules 38, 40 and 1(1) of Appendix 4 of the Uganda Securities Exchange Listing Rules 2003, the Board of NIC wishes to inform esteemed shareholders and the general public that the Company is expected to post a loss position under NIC's Group's financial Performance results for the year ended 31 December 2018.
This is primarily driven by the impact of the resolution of Civil Suit No.351 of 2011 (Makerere University vs NIC) filed by Makerere University and the Registered Trustees of the Makerere University Retirement Benefit Scheme against the Company in which the parties have filed a consent judgement, now endorsed by Court, to amicably resolve the matter.