Two companies that have operated business in Uganda for over twenty years have decided to close shop.
According to a notice by the liquidator, the decision by PICFARE to quit Ugandan market was made on October 25, 2022.
“Take notice that on 25th day of October the year 2022, a special resolution for voluntarily winding up PICFARE JINJA LIMITED was passed by the shareholders at a meeting held in Kampala,” the liquidator informed Uganda Registrar of Companies.
The liquidator further said the company ceased to conduct any businesses except as so far is required to wind up the company.
For a long time, PICFARE has been Uganda’s leading stationery & printing company with variety of products on the market.
In another notice to the Registrar of Companies shareholders of SOUTHERN NYTIL GARMENTS LIMITED also announced its exit from the market.
“In accordance with section 259 of the Companies Act, that the company has ceased to have a place of business in Uganda as from December 2, 2022,” reads the notice.
The exit of these two mega industries follows closure of other foreign companies in Uganda with the latest being Game Stores.
These business have been employing thousands of workers who have now been rendered jobless.
World over, mega businesses announced closure since the last year following the outbreak of Covid-19 pandemic that has left world economies on the verge of collapse.
In Uganda, many business are struggling, left with no option some have laid off workers as a cost cutting measure, others forced to migrate from conventional methods of operations to digital.
Government of Uganda announced it would cut unnecessary expenditure which has in-turn hugely affected the private sector, considering that many private owned business depend so much on government business.