HiPipo Money

———————————-

…Buying a movie ticket has become as easy as loading airtime…

Airtel Uganda todayannounced a new & richer platform for mobile money customers to enjoy.  The company made added a new feature to theirrevamped mobile money platform which includes being able to buy movie tickets by use of Airtel Money thus building on Airtel’s priorities to continually improve the consumer experience and to be Uganda’s most loved brand.

In attendance at the launch were representatives from The Hub, Cineplex and Airtel Directors. This comes from a just concluded partnership with DSTV, GoTV, UMEME andNational Water and Sewerage Corporation where Airtel offers to pay a customer’s utility bills for a full year. Representing the managing Director, Mr. Prasoon Lal, the Airtel marketing director said: “Airtel Uganda is excited to bring on board yet another partnership which will not only ease payment for cinema tickets but will also create a platform for mass youth engagement and empowerment in Uganda. With such kind of features, the customer can not only use Airtel Money for Home or business purposes but they can now also be able to pay for movie tickets.”

With the new upgrades to the Airtel Money platforms customers now get wider access through nationwide agents and transact with one single code *185# to send and receive money across networks at the lowest rates and enjoy more services on Airtel Money.

Representing the Hub Entertainment Mrs. Marion Busingye, Director Film Exhibition and Distribution, expressed gratitude for Airtel Uganda for providing a channel through which Cinema payments could be eased and promoting the youth voice in Uganda.

The extensive proficiency of Airtel’s partners in their respective fields has allowed the company to collaborate with some of the best and most respected businesses to bring consumers in the mobile services space a secure environment. Airtel Money customers can experience more new and innovative services and ways to send money to their loved ones.

The platform provides instant services when using your Airtel Money to transfer money at your convenience. The services include;

1.        Send money across networks at the most affordable rates as low as 450/=

2.       Top up airtime, for both self and other Airtel customer and get Bonuses

3.       Pay bills (UMEME, NWSC, Multiplex, URA & all pay TVs – DStv/GoTv, TVNext, StarTimes, ZukuTv, MoTv) instantly and more conveniently.

4.      Withdraw money the easiest & most convenient way, either at an agent point or ATM (Equity Bank, GTB, Interswitch). The agent spread is now wider for your reach.

5.       Mobile Banking – access your bank account now with Equity Bank.

6.      Pay for movie tickets at Cineplex and The Hub (Get one free for every movie ticket bought using Airtel Money)

All this comes with a new friend, guide and confidant that will help you with all your money transfer solutions and that is MR. MONEY. This offer of buying a movie ticket using Airtel Money is valid for Tuesdays at Cineplex and The Hub. 

HUB PARTNERSHIP WITH AIRTEL

CINEPLEX CINEMAS is proud to announce the new partnership with AIRTEL.  The partnership provides the opportunity for both parties to synergise our services and leverage on the commercial application of Airtel Money and other exciting products.  Mobile phone application usage is the fastest growing tool in the service sector worldwide, Uganda inclusive, hence our need to innovate into that area.

The new service which is now active provides Cineplex and Airtel customers with a way to:

1.      Pay for tickets any day of the week using the Airtel Money platform from wherever they are, so from the comfort of your office desk, home, favourite hangout you can now pay for tickets and simply collect on your way in.  No need to rush

2.      Take advantage of the 2 for 1 ticket offers every Wednesday at either Cineplex locations.  The customer pays for 1 ticket and gets the second one free

This is the first of many initiatives we are launching which will benefit both the Cineplex and the Airtel customer.  This year will see us completing our digital upgrade, expanding our programming to include more diverse product, and broaden our service offering, so we are looking at screening key live sports such as the World Cup.

CINEPLEX CINEMAS is the leading cinema exhibitor in Uganda.  We offer the widest variety of movies in Kampala on our 7 screens which are spread across 2 sites Oasis Mall and Garden City.   We screen block buster and independent movies from around the world bringing the best in movie entertainment from Hollywood to Bollywood.  Last year we launched our 3D service at Oasis Mall which means that now customers can have a choice to watch in either 3D or 2D where available.

———————————-

• Mr. Bhullar tasked to support further developments in  Airtel Africa’s newest operation
• Former Rwanda MD, Mr. Paluku, now appointed cluster Head of Airtel Money at HQ    

BhartiAirtel (“Airtel”), a leading telecommunications services provider with operations in 20 countries across Asia and Africa, has announced the appointment of Mr. Teddy R.V.S. Bhullar as Managing Director (MD) of Airtel’s operation in Rwanda. 

Before his appointment, Mr. Bhullar has been the Managing Director for Airtel Sierra Leone since the launch of the Airtel Brand in the country in November 2010 and in Airtel Seychelles prior to that. He is expected to support further developments in the telecoms operator’s newest operation.

The mobile industry has already had a transformative effect on the social and economic development of Sub- Saharan Africa. Despite the astonishing progress of the mobile industry in recent years, the biggest impact of mobile in Africa is yet to come. Mobile solutions are beginning to address a range of social and economic challenges in the region, some examples being healthcare, education and agriculture.

Making the announcement, Airtel Africa CEO, Christian de Faria said:  “With his diverse experience in blue chip organizations and skills, Teddy is a great fit for Rwanda. His drive for results and passion for improving the lives of the people around him makes us all extremely confident that he is best placed to coach the new team at Airtel in Rwanda into the next frontier.”

The new MD brings 32 years of wide-ranging experiences working at Tata Tea Ltd, Pepsi-Cola, Coca-Cola and Airtel. Mr. Bhullar holds an MBA Degree and has also attended various Leadership programs at CCL in Singapore.

He will succeed Mr. MarcellinPaluku who will now head Airtel Money at a pan-African level for a cluster of Operating Countries. He has successfully led Airtel Rwanda since its inception in 2011, which he managed to launch three months ahead of schedule. Over his tenure in Rwanda, Airtel not only has the best Internet service in the country, but more than 1 million Rwandans have adopted Airtel as their network.

“Airtel Money has had significant growth momentum in the last couple of years. Mr. Paluku is an important addition to the team at the Airtel Africa Headquarters with his practical expertise in developing one of the fastest growing services in Africa and will work with an excellent team.” commented Mr. de Faria.

———————–

——————————-

MTN Uganda has registered positive performance for the year ending 31 December 2013, increasing its subscriber base by 14.4% to 8.8 million, driven by strong acquisition promotions, segmented offerings and the continued success of MTN Zone according to the MTN Group Results released on 5th, March 2014 in Johannesburg South Africa. MTN continued to show good results in a changing environment.

MTN Group subscribers increased by 9.8% to 207.8 million, notwithstanding on-going subscriber registration programmes in a number of markets. Overall subscriber growth was supported by competitive segmented offerings and improved network quality and capacity in many markets.Revenue for the year increased by 12.0%.

Announcing the results and achievements,the MTN Group President and CEO, Sifiso Dabengwa, attributed this success to increased penetration into rural areas and improved network quality. “MTN Group delivered satisfactory growth in headline earnings, supported by favourable currency movements. The Group faced a number of challenges, including aggressive price competition and increased regulatory pressures in many of our key markets,” he said.

According to the results, total revenue for MTN Uganda increased by 17.9%, supported by a 51.7% increase in data revenue and a 10.9% increase in outgoing voice revenue. SMS revenue declined by 3.5% as customers opted for newer data-driven social media platforms for communication. Data trends were supported by an expanded 3G network, value-added services and enhanced Marketing.

The report indicates that MTN Mobile Money continued to perform well in Uganda and recorded a 47.0% increase in registered subscribers to 5.2 million with more than 25 million transactions per month. Usage was stimulated by a wider mobile payment product range. MTN Uganda’s EBITDA margin declined by 0.5 percentage points to 35.9%, excluding the profit from the sales of towers, mainly because of an increase in network-related and commission costs.

Mr Dabengwa expressed happiness with MTN Group growth in headline earnings, which he said was supported by favourable currency movements despite a number of challenges, including aggressive price competition and increased regulatory pressures in many of MTN’s key markets.

Commenting on the results, MTN Uganda CEO Mazen Mroué said, “I am happy to note that the results continue to show a steady performance for the MTN Group and particularly for MTN Uganda currently with a subscriber base of nearly 9 million customers. MTN Uganda’s focus over last year was to enhance our infrastructure investment towards improved Network Quality, the rollout of innovative Products and Services and improvement of Customer Experience”.

He added that through the consistent positive performance of the company, a focus on investment in Quality of Service, Innovation and Communication, MTN Uganda seeks to provide its customers with the best experience on the market.

Regarding the continued growth of MTN Mobile Money, Mroué said, “MTN Mobile Money remains the fastest growing product in Uganda with 5.2 million registered users each transacting on average six times a month. The popularity and growth of MTN Mobile Money has created more than 100,000 jobs for Ugandans and increased financial inclusion of the unbanked. MTN customers have continued using the Bill payment channels to pay their Electricity and Water bills through MTN Mobile Money. Overall figures indicate that more than 85% of the mobile bill payment collections in Uganda are made through the MTN Mobile Money platform”.

In 2013, MTN Uganda was the first in the market to introduce WiFi Hotspots, 42Mbps and 4G LTE. MTN customers are also able to enjoy 15MB worth of Free Internet every month

MTN’s vision is to lead the delivery of a bold, new Digital World to its customers. As MTN continues to fulfill this promiseit remains committed to continue to improve the lives of Ugandans by consistently fulfilling our promise to provide consistent service and the best customer experience.

“I would like to congratulate the MTN Uganda staff for their contribution and support in achieving these positive results. At MTN we recognize our staff as a key asset in enabling this success. As we move into 2014, our focus will be primarily on Customer Experience as well as ensuring consistent investment in key infrastructure to support the anticipated continued growth,” Mroué concluded.

About MTN Uganda

Launched in 1998, MTN Uganda is the leading communications operator in Uganda, offering Mobile and Fixed telecommunications, Mobile Money Services and Internet Service Provisioning. As of 31 December 2013, MTN Uganda recorded 8.8 million subscribers across Uganda. Visit us at www.mtn.co.ug and for our football fans www.mtnfootball.com. Customers can also follow us on www.youtube.com/mtnug and www.twitter.com/mtnugandacare for assistance.

About the MTN Group

Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN.” As of 31st December 2013, MTN recorded 207.8 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda, South Africa, Sudan,South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia. More info on www.mtn.com

——————————–

MTN Uganda and its partners including Huawei Uganda, Stanbic Bank, New Vision and Rwenzori Water handed over the UShs. 400 million collected during the MTN Kampala Marathon 2013 that was held in November. The event that has become the largest both social and sporting event on the Uganda calendar attracted more than 20,000 participants from Uganda and beyond. The funds were handed over to Water Aid Uganda which has been tasked with implementing a 6 months water project in Nakapiripit- part of the Karamoja sub region.

In attendance was the First Lady Honourable Janet Kataaha Museveni in her capacity as the Minister of Karamoja Affairs at a function held at Kampala Serena Hotel.  The handover over of the marathon proceeds is a fulfillment of MTN Uganda and its Marathon partners’ promise to utilize the 2013 Marathon proceeds to deliver safe and clean water to the people of Karamoja.

The selection ofNakapiripit districtas beneficiary was made after the evidence from Uganda Bureau of Statistics -UBOS poverty map and primary data indicated that more than 80% of the people in the district were living below the poverty line. A full needs analysis was carried out by Water Aid Uganda to ensure that the neediest villages in Karamoja would benefit from this water project.

The Uganda Human Development Report 2005 (UNDP 2005) ranked Karamoja Region as the second last in the country Human Development Index of 0.24 where high levels of poverty were attributed to frequent drought and insecurity. The two beneficiary Sub Counties Moruita and Nabilatuk in Nakapiripirit that were selected due to the fact that they have the least water coverage of 34% and 46% respectively.

Speaking at the handover ceremony, MTN Chief Executive Officer Mazen Mrouéreiterated that MTN Uganda was committed to continue partnering with other Corporate Companies and with the Government of Uganda as developmental partners.

Mroué said the water component under installation will include800 bio filters in schools in addition to constructing 8 boreholes, 6 Ferro cement tanks and training 4 women groups in water jar construction as a way of ensuring sustainability of the project.

WaterAid has also been tasked to monitor sanitation and hygiene among the communities and engage them through hygiene education and promotion activities including drama shows, village improvement campaigns, and household hygiene and sanitation follow-ups in 8 villages.

Mazen added, “We take pride in the fact that every participant who part in the 2013Marathon whose theme was run for Water, joined hands with MTN to make a difference in the lives of the people of Karamoja.At MTN, we have over the years dedicated ourselves to the cause of improving the society we live in by harnessing the passion that we as Ugandans have within ourselves. We have done this through many avenues, but one of my personal favorite is the MTN Kampala Marathon”.

On her part the First Lady thanked MTN for championing what she referred to as a worthy cause for the improvement of the lives of communities around the country through their impactful CSR platforms.

“I have keenly followed the activities MTN has been engaged in over the years especially in the areas of Corporate Social Responsibility and I must commend you for a job well done. Thank you for rallying the public to annually come together to run not only for their personal health, but to make a difference in the lives of needy people who live amongst us”.

The Water Aid Uganda Country Manager, Peter Okubal said the other components of ter project would include conducting of two community competitions as part of demonstration of best practices in sanitation and hygiene, capacity building for Community Based Monitoring Systems (CBMS) , Construction of 4 School sanitation facilities, training school health clubs, SMCs and teachers in improvement of school sanitation and hygiene and procurement of 50 hygiene and sanitation tool kits (Spades and pick axes) for aiding household latrine construction all of which is expected to benefit close to 10,000 people.

About MTN Uganda

Launched in 1998, MTN Uganda is the leading communications operator in Uganda, offering Mobile and Fixed telecommunications, Mobile Money Services and Internet Service Provisioning. As of 31 December 2013, MTN Uganda recorded 8.8 million subscribers across Uganda. Visit us at www.mtn.co.ug and for our football fans www.mtnfootball.com. Customers can also follow us on www.youtube.com/mtnug and www.twitter.com/mtnugandacare for assistance.

About the MTN Group

Launched in 1994, the MTN Group is a leading emerging market operator, connecting subscribers in 22 countries in Africa, Asia and the Middle East. The MTN Group is listed on the JSE Securities Exchange in South Africa under the share code: “MTN.” As of 31^st December 2013, MTN recorded 207.8 million subscribers across its operations in Afghanistan, Benin, Botswana, Cameroon, Cote d’Ivoire, Cyprus, Ghana, Guinea Bissau, Guinea Republic, Iran, Liberia, Nigeria, Republic of Congo (Congo Brazzaville), Rwanda, South Africa, Sudan,South Sudan, Swaziland, Syria, Uganda, Yemen and Zambia. More info on www.mtn.com

——————————

Airline a mainstay at ITB for almost 20 years

Emirates, recently named the most valuable global airline brand, returns to the world’s leading travel trade fair at ITB Berlin, once again signaling its commitment to the European travel and aviation market with its largest trade show presence outside of the airline’s Dubai base.

Emirates has been exhibiting for almost 20 years at ITB Berlin, which will be held from 5th to 9th March this year.  The airline has been a part of European skies, cities and communities since 1987 when it began operations to London Gatwick followed by Frankfurt. Emirates currently operates passenger and cargo services to 38 destinations in 21 countries in Europe and the Russian Federation. 

“With more than 10,000 exhibitors from over 180 countries, the world literally converges at ITB Berlin. For Emirates, a global connector of people and places, the event is a perfect platform for us to demonstrate our product and services and share ideas with new and existing trade partners, customers and industry stakeholders”, said Thierry Antinori, Emirates’ Executive Vice President and Chief Commercial Officer. 

“We are currently operating an average of 118 daily flights to and from Europe; and Germany is our second largest European market.  As international air services are one of the most important drivers of economic growth, we would also like to serve Stuttgart and the German capital Berlin. Emirates is proud to serve other prominent capital cities globally like  Washington D.C, Beijing, Paris, London, Rome and Vienna and we hope to fly to future ITB Berlin events directly on Emirates as we truly believe in the region’s strong credentials as a profitable, but underserved, intercontinental market,” added Antinori. 

In 2013 alone, Emirates carried over 6.3 million passengers from Europe to popular destinations like Bangkok, Colombo, Mauritius, Male in the Maldives and of course Dubai.  

Over the last year, Emirates added eight new destinations to its global network including two in Europe, and it received 23 aircraft, including 15 Airbus A380s. At the Dubai Airshow in November 2013, Emirates announced the largest-ever aircraft order in civil aviation with an order for 150 Boeing 777X and 50 Airbus A380 aircraft. These latest orders bring Emirates’ total firm order book to current 377 aircraft at a total estimated value of over US$ 164 billion.

Emirates was the first airline to order the European Airbus A380 and currently has 45 in service and 95 on order, more than any other airline by far. The Emirates A380 fleet is connecting people and cargo through its current operations to 26 destinations worldwide, including 98 weekly services to nine destinations in Europe. The Munich route will become an all-A380 service from March 30, and Gatwick will also welcome an A380 on one of Emirates’ three daily flights the same day. Emirates will also add a second A380 to its popular Moscow service, making it an all-A380 service by 1st August. Earlier this year, Zurich and Barcelona joined the Emirates A380 network.

Emirates has been a key strategic customer for the A380 programme, one of the largest engineering projects ever carried out, providing 46 per cent of the customer demand that underwrites the project. The total employment effect of the A380 programme will support the creation of 200,000 direct, indirect and induced jobs with a vast majority of those being in France, Germany, Spain and the UK.

At ITB Berlin, Emirates will take the opportunity to recruit more German-speaking cabin crew to be part of the Emirates success story and to support its growing fleet of modern aircraft, including the flagship A380.

As part of the airline’s international team of 17,500 cabin crew, Emirates employs almost 7,400 Cabin Crew members from 42 countries in Europe speaking over 28 European languages. Throughout the last year, Emirates received over 129,000 applications for cabin crew positions from Europe. 

In addition to destinations, amenities and services onboard, visitors to the Emirates ITB Berlin stand will also be able to find the latest information on the company’s businesses and initiatives including Emirates Holidays, Arabian Adventures, and Recruitment.

Emirates will also launch a new interactive game at its ITB stand this year with a digital onsite competition. The ‘Emirates 60 Second Challenge’ will engage and educate guests and visitors on the airline’s latest developments, trivia and interesting facts.  Users just need to input their data to enter the competition and share their scores on their Facebook or LinkedIn pages for a chance to win a prize at the end of every day. The daily prize will be two Economy class return tickets to Dubai. 

Emirates will also showcase its premium A380 experience where visitors can see replicas of the iconic Emirates’ A380 Onboard Shower Spa and Onboard Lounge, and sample the industry-leading Emirates’ First Class Suites.

——————————–

Today, during a breakfast meeting at Kampala Sheraton Hotel, the Uganda Law Reform Commission (ULRC) and the Ministry of East African Community Affairs (MEACA) launched the second phase of the alignment of Uganda’s laws to the Common Market Protocol. This is in line with the EAC Council of Ministers Directive for all Partner States to approximate their national laws and to harmonize their policies and systems for purposes of implementing the Common Market Protocol (CMP).

The EAC Common Market Protocol was launched in July 2010 and heralded a range of new freedoms and rights for the people of the East African Community (EAC). These included the free movement of goods, services, labour and capital and the rights to establishment and residence. A fully implemented CMP has the potential to change the region by expanding opportunities for the citizens to move and trade not only internally but also with the rest of the world.  However, these aspirations can only be a reality if steps are taken by Partner States to fulfill the commitments undertaken by aligning and harmonising their laws and policies to the provisions of the Common Market Protocol.

In March 2012, the Uganda Law Reform Commission undertook a needs assessment of key laws to establish their compliance with the CMP. A total of 57 principal laws were identified for further review and alignment. In October 2012, ULRC and the Ministry of EAC Affairs, supported by TradeMark East Africa (TMEA) undertook the first phase of the review and alignment of identified laws. 21 laws were targeted including immigration laws, and laws affecting professional associations e.g. Architects and Accountants were reviewed, of which 11 laws and a number of subsidiary legislation were found not to be compliant with the CMP. Recommendations for re-alignment with the Protocol were made and this culminated in the draft Omnibus bill that was initially tabled before the Cabinet and is currently under discussion by different stakeholders.

The launch of the second phase today seeks to target the remaining 36 laws identified in the Needs Assessment, and also to identify laws and regulations that contribute to Non-Tariff Barriers. In addition, the recently launched East African Common Market Scorecard 2014 (IFC/ EAC) examines commitments made by Partner States under the CMP, outlines status in removing legislative and regulatory restrictions and identifies a number of non-conforming measures legal, policy and in practice.

ULRC and MEACA with the support of TradeMark East Africa are now undertaking the second phase to align key laws to the CMP. The launch is aimed at bringing together key stakeholders in government, parliament, private sector and civil society to provide an update on progress under Phase 1 and to share the proposed approach and key areas for investigation under phase 2.

 Speaking at the launch, the Secretary ULRC  Lucas Omara said “We believe this is the beginning of yet another successful partnership with MEACA and other MDAs like the Ministry of Trade, Industry and Commerce to tackle the huge task to align national laws to the CMP. The second phase of the law alignment project will not only address the remaining 36 laws under the Needs Assessment, but will also enable us to identify and make recommendations on key areas that require legal and policy amendments.”

Edith Mwanje, the Permanent Secretary of MEACA, called upon all stakeholders and MDAs to fully participate and support the project to ensure that Uganda fulfills its commitments under the CMP. The Permanent Secretary further reiterated the Ministry’s continued support to ensuring that laws reviewed under Phase 1 would be presented to Parliament for amendment.

Allen Asiimwe, Country Director of TMEA hailed the implementing institutions ULRC and MEACA for their efforts that led to the success of the first phase “we are excited that the Government of Uganda (GoU) is taking steps to make the CMP a reality for the people of Uganda by aligning its laws to the Protocol; TMEA is committed to facilitating GoU agencies to successfully review and align its key laws to the CMP”

——————————-

Astarc Motors Uganda Limited officially opened its showroom at Bhatia Chambers on Parliament Avenue in Kampala on Tuesday, 4^th March, 2014 launching the world’s largest selling motorcycle company, HERO, in Uganda.  

Astarc Motors Uganda Ltd also unveiled a specially customized motorcycle brand called Hero Dawnthat offers an astounding65 kilometer per litre in a move that will see players in the bodaboda sector generate more income and better their livelihood.

Among the other models introduced are Splendor NXG, Glamour, Hunk, and Karizma-R. This product range includes bikes from 100cc to 225cc.

Hero Motocorp, headquartered in India, is the world’s largest single legal entity selling the largest volume of motorcycles around the world, selling over 6 million motorcycles in one year. Hero Motocorp has sold over 50 million motorcycles around the world since 1985. . It has tie-ups with US based EBR and Austria’s AVL for engine and bike technology development. It has presence in South East Asia, Latin America, Peru, Kenya, Angola, DRC, Mozambique, Tanzania and now Uganda.

Sameer Musale,Executive Director of Astarc Motors Uganda Limited called this a historic moment in two wheeler industry in Uganda with launch of best-selling model HERO Dawn. He mentioned that HERO Dawn has been specially modified for Uganda to suit the customer needs. With back-up of extensive R&D and manufacturing capability in India, HERO Dawn will offer the Ugandan customers more value for their money. He also mentioned that genuine spares will be offered at extremely competitive price and the company has decided to stock spares requirement of 6 months from day 1.

Speaking during the launch, Hon. Amelia Kyambadde, Minister for Trade and Industry said that the move signals the start of a triumphant year for business and growth in Uganda as Astarc Motors Uganda Ltd. and Hero seek to improve and provide more income generation in the SME sector, a move that is welcome.

Along with the unveiling, Astarc Motors Uganda Limited also announced that it had set-up a state of the art assembling plant, and with the right government support it will look to transform Uganda into the manufacturing hub and distributor of Hero motorcycles in East and Central Africa with employment opportunity for over 1500 people directly and indirectly, establish a world-class engineering industry in Uganda.

Mr. Sameer Musale, Executive Director, Astarc Group said, “We are extremely happy to introduce the five stunning Hero motorcycles in Uganda today representing the results of our journey and the future of this brand. Astarc motors Uganda Limited has invested heavily in this entire venture that will see creation of employment opportunities, training and skills empowerment for service people and the setting up a state of the art plant, showroom, and service center”.

Astarc motors also introduced a new door to door service delivery offer where users of Hero motorcycles will be able to access affordable and mobile service checks by simply calling the company’s hotline in case of a breakdown and a Service van which would be stationed at various locations to service and sell spares to remote locations.

Astarc Motors has also donated an ambulance vehicle to the Uganda BodaBoda Association which was handed over to the Inspector General of Police as the immediate patron for easy management and usage of the ambulance. Among others, motorcycles were also given to the association so as to help it in its daily work.

“With extended services like mobile repair, we hope that our customers will take advantage of this and ride their motorcycles with a smile and comfort”, added Mr. Sameer Musale.

“We have so many entrepreneurs that are coming into the country with attractive offers and services that we need to dig into and embrace. I am delighted that today, Astarc motors has joined the class of such entrepreneurs. We hope that this introduction to the Uganda market is another opening for more jobs for our youth.” Said the Guest of Honour and Minister for Trade and Industry, Hon. Amelia Kyambadde.

About Astarc Group

Is a diversified group with businesses focused on Printing and Imaging Solutions, Power Generation, Infrastructure & Real Estate, Building materials, Safety and Sports Head gear, Retail display solutions and Mining.Astarc group is driven by Innovation and Technology and is committed to achieving leadership and excellence in each of its business.

·      $500 million group

·      Presence in India, USA, South East Asia, Middle East and East Africa

·      With over 1500 Associates

—————————————–

In a move aimed at strengthening its position in Uganda, Britam’s Board of Directors has appointed Mr. Allan Mafabi as its new Chief Executive Officer.

Mafabi, formerly the General Manager, Business Development at UAP Uganda comes with a wealth of experience spanning over a decade in the insurance industry ranging fromgeneral insurance, Underwriting Management, Claims Management, loss adjustment, Reinsurance and Marketing.He joins Britam at a time when the company is on a growth trajectory through regional expansion, and will be expected to steer the local franchise to market leadership.

Britam is a leading diversified financial services group, listed on the Nairobi Securities Exchange. The group has interests across the Eastern Africa region, and offers a wide range of financial products and services in Insurance, Asset management, Banking and Property.

Making the announcement today, Mr. Benson Wairegi, the Britam Group Managing Director said that the appointment marks an important step in the company’s strategic plan to widen the scope of insurance products in the Ugandamarket.

“Allan brings invaluable expertise and experience to this company especially at this point in time whenwe are looking at growing our regional footprint. There are manyopportunities that exist in this market and Britam is better placed to take on a cross section of the risks,” he said.

He added that as the country moves towards oil production, demand for higher risk cover will ultimately increase and that the strong foundation built by Britam over the years will make the company an ideal choice.

“Having anexperienced person like Allan on board willspur our ambitions as we look at expanding our horizons in terms of regional reach. The entire Board would therefore like to welcome Allanto the Britam family,” Wairegi added.

 Insurance penetration in Uganda is quite low, at around 0.8% ofthe GDP. However, a growing middle classas well as developments in the oil and gas sector present thesector with immense opportunities for growth as demand for insurance cover increases with the growing risks.

“It gives me great pleasure to join this company that has a long heritage of providing financial services. As a team, we shall strive to always lead the way in terms of widening our product range,” Mafabi, the Uganda CEO said.

As the Ugandan insurance industry plans to move towards risk based supervision from compliance based supervision, Britam is well capitalized to handle the requirements of the sector.

Britam’s recent acquisition of a 99 percent shareholding in Kenya’s Real Insurance Company Limitedrubber stamps the company’s commitment towards gaining a market share of the region, making it the largest Pan African insurance company within the East and Central African region.

The acquisition will also see Britam increase its market share to rank second in Kenya on gross premium basis.

This  places the company at a vantage  position to take on  bigger  risks as a result of merging two companies that have well-documented track records of excellence.

Britam already has a strong presence in Kenya, Uganda, Rwanda, and South Sudan. Real’s subsidiaries in Tanzania, Malawi, and Mozambique will see Britam increase its overall market share.  

About Britam.

Britamis a leading diversified financial services group, listed on the Nairobi Securities Exchange. The group has interests across the East African region and offers a wide range of financial products and services in Insurance, Asset Management, Banking and Property. The product range includes, life, health and general insurance, pensions, unit trusts, investment planning, wealth management, off-shore investments, retirement planning, discretionary portfolio management, property development and private equity.

————————–

Firm swings to net profit in FY13 against a net loss of USD 9.54 million the previous year; revenues rise 1.9% year-on-year to USD 18.19 million; Board of Directors calls for shareholder meeting to approve mechanism of capitalizing liabilities from c.USD  0.50 bn in asset purchases, thus putting capital increase on track to close by 31 March 2014

Citadel Capital (CCAP.CA on the Egyptian Exchange), the leading investment company in Africa and the Middle East, announced today its standalone financial results for the fourth quarter and full-year 2013, reporting a net profit of USD 1.51  million on revenues of USD 18.19 million for FY13.

By comparison, the firm reported a net loss of USD  9.54 million in FY12; the fourth quarter of the year just-ended marks the fourth consecutive quarter of profitability for the firm, driven by steady advisory fees, net financing gains and proceeds from dividends.

“Prudent management mitigated risk across the board in 2013 ­— at Citadel Capital as a standalone entity and across our portfolio of core and non-core investments,” said Citadel Capital Chairman and Founder Ahmed Heikal. “The result has been improving financial performance, particular at the Citadel Capital standalone level and the level of our operational core platforms. We look forward to the successful conclusion of the capital increase in late March, which will propel us well down the road in our transformation into an investment company.”

The release of the standalone figure comes as the firm prepares for the second and final round of subscriptions to the capital increase. Citadel Capital disclosed earlier this month that it had completed its planned purchases of additional stakes in platform companies totaling approximately USD 0.50 billion as part of its ongoing transformation into an investment company that will hold majority stakes in its subsidiaries in five core industries: energy, transportation, agrifoods, mining and cement.

Citadel Capital will continue to report its Consolidated financial results as it continues its transformation into an investment company that should be judged by the consolidated performance of its investments. While it typically discloses both Standalone and Consolidated Financials in the same Business Review, the firm is reporting Standalone Financials only at this time to satisfy a regulatory requirement for the finalization of the ongoing USD 0.52 billion capital increase.

Quarter-on-quarter, revenues rose 59.8% on stable advisory fees and USD 4.48 million in dividend proceeds from a fully-owned Citadel Capital subsidiary. On a full-year basis, revenues rose 1.9% y-o-y to USD18.19 million, despite the impact of non-recurring advisory fees generated in 1H12 on additional fees related to Orient.

Notably, successful cost control efforts saw OPEX drop 14.6% in FY13 to USD 19.80 million, from USD 23.19 million in FY12.

Relevant to the ongoing capital increase process, Citadel Capital had completed investment purchases of approx. USD 0.32 billion by the end of 2013, a figure that has since risen to c. USD 0.50  billion.

The asset purchases disclosed cover the platform companies and subsidiaries outlined in Citadel Capital’s Form 16 submission on use of proceeds from the capital increase, as approved by Egyptian Financial Services Authority (EFSA).

In December 2013, Citadel Capital invited shareholders to subscribe to an USD 523319050.16capital increase at par (USD 0.72 per share). The capital increase would see Citadel Capital’s total issued capital rise to USD 1149559609.06from USD 626240558.91 through the issuance of 728,375,000 new shares.

At a meeting held on 13 February 2014, Citadel Capital’s Board of Directors accepted a report by its independent auditor (KPMG) certifying USD 0.53 billion in liabilities to co-investors and shareholders arising mainly from these securities purchases. Citadel Capital will capitalize an amount equivalent to the total value of the ongoing capital increase (USD 0.52  billion), with the balance of  the liabilities remaining due. The capitalization is expected to take place during the second subscription round for the capital increase — anticipated to be completed by the end of 31 March 2014 — thereby resulting in full subscription to the share issuance.

Finally, Citadel Capital’s Board of Directors resolved today to call for a general meeting of shareholders to approve the mechanism by which liabilities resulting from the firm’s c. USD 0.50 billion in investment purchases will be capitalized as part of the ongoing capital increase. The meeting is scheduled for 17 March 2014, placing the firm on track to complete the second and final subscription stage for the capital increase by the end of March 2014.

Citadel Capital’s full standalone financial statements are now available for download at ir.citadelcapital.com.