25 Aug 2015
The Libyan Post Telecommunications and Information Technology Company (LPTIC) has announced the strategic consolidation of a number of Libyan-owned telecoms companies currently operating in sub-Saharan Africa. The businesses in question were previously managed as part of the wider investment portfolio of the Libyan Investment Authority (LIA), and managed by LAP Green Network. The consolidation of the company’s sub-Saharan telecoms portfolio, which took effect following a directive issued by the interim Government of Libya, has been supported by the LIA’s board of trustees, the LPTIC noted in a statement.
Companies affected by the corporate reshuffle include: GreenN Cote d’Ivoire, Uganda Telecom Ltd (UTL) and South Sudan-based Gemtel. Meanwhile, domestic companies currently under the LPTIC’s control include: mobile operators Libyana and Almadar Aljaded, internet service provider (ISP) Libya Telecom & Technology (LTT) and fixed line telco Hatif.
Hassan Bouhadi, chairman of the LIA, commented: ‘The LIA has a responsibility to the Libyan people to ensure that it has the best means to deliver value and revenue. This consolidation of key telecommunication assets under one management team creates synergies and new opportunities for investment which the LIA believes are right for the Libyan people and the African holdings. As these assets have developed, they have now reached a point in their life cycle that will require a more focused telecommunications and information technology company to oversee the next stage of development and unlock their full potential’.