According to trusted sources in the company, it is confirmed that Biyinzika Enterprises Limited properties are going to be auctioned off by the bank should they fail to pay a loan, they will loose 41 acres of land in Kasambya with hatcheries that have a capacity of 460,000 chicks per week, 100 acres of land in Bulemezi, and Dina Apartments in Ntinda.
According to an advertisement that ran in one of the Ugandan daily newspapers, all this seems to be true as the company has reportedly run bankrupt.
The company that is valued at over Sh40 billion has been instrumental in Uganda’s agri-business sector, employing over 10,000 people having controlled, at one time, at least 65% of the market share.
It is not yet clear what amount of money Biyizinka owes but all this seems serious.
"Duly requested by our client, the registered mortgage, a financial institution, we do hereby give notice of the intention to sell the land and developments described below to realise money due to the mortgagee, unless the debtor (Biyinzika) shall pay the monies due to the mortgage together with the associated fees and costs of recovery before the date of sale (30 days after the advertisement)," the advertisement by Tumusiime, Kabega & Co. Advocates in the news read.