Showing posts from May, 2018

Afrimax collapses into liquidation process

Ali Twaha

Afrimax Group, a company that got rights to trade as Vodafone Uganda has silently started a liquidation process after its shareholders failed to get an investor. Liquidation refers to a process of bringing a business to an end and distributing its assets to claimants or creditors. Afrimax and Vodafone Group merged in 2014 to form Vodafone Uganda. This development comes barely three months after shareholders of the troubled telecom firm run to court seeking bankruptcy protection from its angry creditors. On May 16, 2018, Fred Otunnu, the director of Corporate Affairs at the Uganda Communications Commission (UCC) confirmed the development saying that management had no option but to liquidate the company over mounting debt pressures. “Vodafone is undergoing liquidation. This was decided during a recent meeting of creditors. Shareholders voted to stop the provisional administration and opted that it be out rightly liquated,” Otunnu said. “Now what they have to do is inform us of the…