Uganda’s oldest listed companies, Uganda Clays and Bank of Baroda, are looking to see how the economy survives and recovers from effects of the global pandemic.
As the region was coming to terms with the coronavirus in March, Uganda Clays and Bank of Baroda were instituting critical management changes that took investors by surprise.
Uganda Clays sacked a number of senior managers in March on grounds of poor performance and allegations of insider fraud following weak financial results posted during the first six months of 2019.
Earlier, Uganda Clays had issued a cautionary announcement that the company’s managing director George Inholo and the heads of human resources and production, respectively, had left the company by mutual consent.
Although the exit of the senior managers appeased disgruntled UCL investors, the effects of the pandemic on the general economy are likely to complicate matters for the incoming ones assigned to execute a commercial turnaround strategy as the company struggles to satisfy changing market needs.
