HARD TIMES as Gov’t moves to buy Roko at Shs200bn

**Roko construction limited equipment on site**

The Ministry of Finance tabled a motion seeking parliamentary approval to purchase shares of Roko Construction Company Limited at a cost of Shs202.13Bn.

Taking to the floor of Parliament to table the motion was Henry Musasizi, State Minister for Finance (General Duties) during the plenary sitting who expressed interest in buying shares in the country amidst heckles from MPs.

“I beg to lay on table the proposal to acquire 150,000 preferential shares into Roko Construction Limited which is equivalent to Shs202.13Bn in Roko Construction Limited,” said Musasizi.

The development comes at the time Roko Construction Limited was dragged to court by several companies over its outstanding debt to a tune of Shs46.9Bn Government owed Roko, that saw the company fail to pay its business partners.

In November 2020, Matia Kasaija, the Minister of Finance wrote to Roko promising to clear government debt within four months, but the commitment wasn’t met prompting the government to take the latest move.

One of the companies that threatened to attach assets of Roko was Roofing that demanded Sh2Bn after it supplied Roko with steel products, but it never paid. It has been struggling to complete most of the projects under its armpit including the extension works at Parliament.

Founded in 1969 by the late Max Rohrer and Rainer Kohler, Roko has been a construction giant and has been behind major construction projects like Workers House, which belongs to the National Social Security Fund and the company is currently constructing the new chambers at Parliament, Inspectorate of Government new offices and is on site constructing the new judiciary offices in Kampala.

Speaker Among sent the motion to Parliament’s Finance Committee for scrutiny and report back to Parliament within 10 days before a final decision is taken.

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

GOT A HOT STORY? CALL/TEXT/WHATSAPP 0777959024 OR EMAIL: redpeppertips@gmail.com