Importers from neighboring countries are opting to buy sugar from bonded warehouses within Uganda, without waiting for it to be shipped to their countries.
KCB will pay cash for the shares in the Rwandan bank, it said in a statement, to be computed using a price to book multiple of 1.09.
Building the 1,445-kilometer pipeline, which stretches from Uganda’s oil fields to Tanzania’s Tanga port, is expected to take three years.
Since entry into Uganda's oil fields, the relationship between Tullow Oil Plc and Uganda Revenue Authority has been characterized of unending dispute over taxes.
One of the measures would require that business transactions are conducted in the local currency, according to Makuei.
In May 2020, Tanzania Mining Minister announced that the company had paid $100 Million as the first tranche of the $300 Million settlement.
Uganda discovered crude oil reserves about 14 years ago but commercial production has been delayed partly because of a lack of infrastructure, such as an export pipeline.