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NSSF (Uganda) loses Sh23b in Safaricom shares

Discussion in 'Biashara, Uchumi na Ujasiriamali' started by ByaseL, Nov 5, 2009.

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    ByaseL JF-Expert Member

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    Nov 5, 2009
    Joined: Nov 22, 2007
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    Mercy Nalugo
    Parliament

    The National Social Security Fund incurred a Shs23 billion loss from the purchase of Safaricom shares, Daily Monitor has learnt.

    The Fund spent Shs44 billion on buying shares floated in the much-hyped Kenyan-based telecommunication company in April 2008 but reported a massive paper loss due to a depressed share value.

    The acting Managing Director of the Fund, Mr Martin Bandeebire, while briefing MPs on the state of the Fund’s investments yesterday, said it did not realise expected returns from its 238 million shares by the end of last financial year.

    “By that time we expected the shares to come up but we were disappointed. Since this is a long term business, we believe in due course the shares will appreciate,” Mr Bandeebire told the parliamentary Commissions, Statutory Authorities and State Enterprises committee
     
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