Vodafone has had its fair share of closure rumours but it turns out, the Kamwokya based telecom has finally breathed its last. Its staggering debt portfolio couldn’t let it finish the greater part of the year as the liabilities outweighed its asset portfolio and thus the creditors voted to have its assets liquidated.This, according to an insider who prefers anonymity give they are not allowed to talk publicly about the situation.
It should be noted that Vodafone has been running under administration after the board through the courts of law installed Mr. Donald Nyakairu as the provisional administrator, as away of protecting theirs and creditors interests. It has now come to a conclusion that nothing can be done to save the struggling Afrimax Uganda, that used to trade as Vodafone Uganda.
Vodafone the parent company at the start of the year was forced to terminated its branding agreement with Afrimax after the precedent was set about its failing balance sheet. Our bet was that it could sell off or attract investments from potential investors but nothing has come to fruition. On last reporting, Vodafone had an outstanding debt of UGX 298.9 Billion against an asset base of 55 Billion but as of this writing, we can’t quantify or authoritatively report about their balance sheet but things seem to have tanked that a decision was taken to liquidate its assets.
There is no official statement from Afrimax Uganda or UCC but once any surfaces, we shall update this developing story.
