Midroc Gets More Time To Pay Up

Feb 05, 2001

THE Government has given Midroc up to end of this month to pay the US$18m for the 100% shares in Sheraton Kampala Hotel, reports Yunusu Abbey.

THE Government has given Midroc up to end of this month to pay the US$18m for the 100% shares in Sheraton Kampala Hotel, reports Yunusu Abbey. Manzi Tumubweine, the state minister for privatisation, and Michael Opagi, the Privatisation Unit (PU) director, said yesterday Midroc had requested for more time to enable it pay for the hotel. Manzi said, "They have written and rang us saying they would pay the money within the next two weeks. But we decided to give them up to the end of this month. I am sure this time they will bring the money. They had already instructed their bankers to pay." Midroc's request followed the expiry of the three-month grace period granted to the company last October. The deadline elapsed January 31. Opagi said the Divestiture and Reform Implementation Committee (DRIC) met yesterday and considered Midroc's request. "DRIC decided they be given up to February 28 to pay the US$18m. They wrote on January 30 and explained what had caused the delay in payment," Opagi said. Midroc said there had been a mix up involving double instructions to their bankers. Ends

(adsbygoogle = window.adsbygoogle || []).push({});