Patrick Bitature Speaks the ‘Truth’ About his Loan with Vantage
The Simba Group boss declares that it is true he acquired the $10m, but he failed to pay back and needs to get issues rectified
Recently, we issued a story about South Africa’s Vantage where the company said that, it had never received any coin since the time it gave the $10m loan to Patrick Bitature through Simba Group. This all started after failed attempts by Vantage to acquire shares in the collateral that was put up by Simba Group through URSB.
Now, Patrick Bitature has come out to day and cleared the air about what really transpired. In his open release, he states that it is true, like any other business that seeks to expand and explore the vast business land. His Simba Group acquired the $10m loan and agreed to have a repayment freeze of 3 years.
After what was planned as a great investment environment turned sour in Uganda, the group could not service its loan in the stipulated time. And the two parties entered an agreement to extend for more two years, but still he was unable to start servicing the loan. That was until COVID19 came in place and all businesses went into slumber.
Patrick Bitature has been in the business field of Uganda for over 20 years and he is one of the few key players in the economy of Uganda. He therefore, assured Ugandans that all this fracas that has been in the media will end and that he will continue serving the nation as he has always done.
“As part of our business expansion plans, Simba approached Vantage Capital in 2014, seeking
an alternative to the more common and mainstream pure debt funding for business expansion
Consequently, a Mezzanine Term Facility Agreement (MTFA) was signed between Vantage
Mezzanine Fund II Partnership (Vantage) and Simba Properties Investment Company (Simba) for $10,000,000 to fund projects within the Group. These projects included the completion of Protea by Marriott Skyz Hotel and working capital for our ElectroMaxx Power subsidiary. The agreement had a 3-year moratorium (freeze) for repayment of both the principal and interest.
Simba was confident of the economic prospects in the Country as Uganda had discovered 6.5
million barrels of all reserves. Like many other business players in Uganda, we were expecting
an economic upturn, and therefore in line with our innovative plans, ground breaking and
forward vision we explored opportunities to generate value in the economy through sustainable
investments. As one of the leading Ugandan business Group with a credible track record.” part of the letter from Patrick Bitature states.
READ FULL STATEMENT HERE
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