This archive report was first published on 22 June 2020.
As the global pandemic continues to affect economies worldwide, Uganda's oldest listed companies, Uganda Clays and Bank of Baroda, are bracing themselves for the economic fallout.
Published on June 22, 2020, the companies were already instituting critical management changes in March as the region struggled to come to terms with the coronavirus.
Uganda Clays, for instance, sacked several senior managers in March due to poor performance and allegations of insider fraud following weak financial results posted in the first six months of 2019.
Bank of Baroda also announced the appointment of a new managing director and entry of new directors in the aftermath of poor earnings registered last year.
Richard Byarugaba, the managing director at the National Social Security Fund of Uganda and a UCL director, noted that the quality of management and systems at UCL have proved wanting for a long time and have discouraged many potential buyers of their shares.
Uganda Clays' share price has since recovered to Ush9 ($0.0024), but stockbrokers feel it could slide in the second half of 2020 as desperate investors seek to exit the counter on account of growing frustration over its performance.
