Simba Telecom Tycoon Bitature Chokes On Multibillion Debts, Set To Lose Properties

Simba Telecom Tycoon Bitature Chokes On Multibillion Debts, Set To Lose Properties

By Ivan Mwine

The old adage which says that ‘the rich also cry’ has come to pass and this time the rich man who is crying is Patrick Bitature, the proprietor of Simba Telecom, Protea Hotel and several other investments in Uganda.

Moles reveal that as you read this Bitature is having sleepless nights because unless he clears his financial burden within 30 days, he will lose many of his properties worth billions of shillings.
Tycoon Patrick Bitature’s properties advertised for auctioning

Bitature, who is also the Board Chairman Umeme,  is likely to lose the following properties which have since advertised for auction by Quickway  Auctioneers and Court Bailiffs on behalf of M/S Kirunda and Wasige Advocates;

Elizabeth Royal Apartments, situate in Kololo, Elizabeth Avenue, on LRV 3903, Folio 13 Plot 32.

Bitature is also likely to lose Protea Naguru Skys Hotel, owned under Simba Telecom Limited, located in Naguru on LRV 3891, Folio 18, Water Lane, Naguru.

Bitature’s Protea Skys Hotel Naguru is to be auctioned

He will also kiss good bye to his storeyed known as Moyo Close Apartments, located on LRV 4294, Folio 20, Moyo Close Plot 12, owned under Simba Telecom Limited.

It is not yet clear how much Bitature is indebted but Moles reveal that he secured a hefty loan from one of the top city commercial banks although his business empire was adversely affected by the effects of the COVID-19 pandemic on the country’s economy.

Moyo Close Apartments will also be auctioned unless Bitature clears his debts

Bitature is a member of the institute of Chartered Secretaries and Administrators, UK and Fellow of the Institute of Chartered Secretaries, FCIS.

He is the Board Chairman of Umeme Limited and the Chairperson of the Nominations Committee. He is also a member of the Strategic Review Committee.

Elizabeth Royal Apartments in Kololo will also be auctioned if Bitature doesn’t offset his debt burden

His leadership of the Board spans from his experience as the founder, Chairman and CEO of Simba Group of Companies, a conglomerate spanning telecoms, real estate, power generation, agro-business, mining, hospitality tourism and media interests. He is keen on development of the energy sector in Uganda.

He is also a member of the Presidential Investors’ Round Table (PIRT) and is the Honorary Consul, Australian Consulate in Uganda.

Leave a Reply

Your email address will not be published.