Biyinzika Poultry International Limited has clarified its position regarding a rumor about a government bailout amounting to Shs 39 billion.
According to the Brand and Promotions Manager, Robert Kigula, the company is stable and actively engaged in its operations, which include producing poultry feeds, day-old chicks, and dressed chicken in Uganda.
Kigula noted that the company is entirely owned by American investors and is distinct from Biyinzika Enterprises Ltd, which underwent a separation in 2016 after former shareholder Samuel Mukasa sold his shares to UK investors.
The calls for a bailout actually pertain to Biyinzika Enterprises Ltd, which has been supported by Minister of State for Trade and Cooperatives David Bahati in seeking financial assistance from the government to alleviate financial difficulties exacerbated by the COVID-19 pandemic.
Initially, Biyinzika Enterprises Ltd sought Shs45.6 billion, but after discussions with the Uganda Development Corporation, the amount was revised to Shs39 billion.
Muwanguzi Samuel Mukasa, Executive Director of Biyinzika Enterprises Ltd, informed members of Parliament that a significant portion of the company’s debt is owed to several banks, including DFCU Bank, Cairo Bank and Mercantile Credit Bank, the latter currently under Bank of Uganda management.
By Francis Jjunju
23rd April 2025
END
