The government is looking for an investor to buy its Shs15 billion stake in Munyonyo Commonwealth Resort, a joint venture with Meera Investments owned by city tycoon and hotel magnate Sudhir Ruparelia, MPs heard yesterday.

Appearing before the Parliamentary Public Accounts Committee, Ambassador James Mugume, the Foreign Affairs Permanent Secretary, said after acquiring the share certificates for 25 per cent stake in Munyonyo, the next step would be to sell the shares to potential investors.

"There is nothing to stop us from privatising our shares in Munyonyo," Mr Mugume said. "We have been waiting for these share certificates which we have acquired now to enable us kick start the process. We are going to forward these share certificates to Ministry of Finance so that Privatisation Unit can handle this process."

This is the first time the government was talking about selling its shares to a potential investor, long after the Parliamentary Pac ordered government to pull out of the joint deal, insisting that it was lopsided for government to do business.

However, hardly a year after the joint venture, the government agreed to Pac recommendation insisting that the deal was not a "long-term" undertaking, but only for last year's Chogm meeting in Kampala. The 18,000 square metre resort sits on a 30-acre expanse of land on the shores of Lake Victoria.