Saturday 16 February 2019

LPTIC consolidates key African telecom investments

DUBAI, August 24, 2015

LPTIC, Libya's leading postal, telecommunications and information technology company, has consolidated several Libyan-owned shareholding in mobile and fixed-line network operating companies in sub-Saharan Africa.
The restructuring will enable LPTIC, which through its subsidiaries has over 15,000 employees, to safeguard and stabilise important African telecommunications investments through the implementation of a renewed management strategy drawing on the skills, procurement and funding synergies of a wider group business, said a statement.
It further expands LPTIC's international footprint as it strategically extends its operations into West and East Africa, it said.
The assets were previously managed as part of the much wider investment portfolio of the Libyan Investment Authority, whose board of trustees has confirmed their support for the strategic consolidation of these assets within LPTIC.
The consolidation of the African telecommunications asset portfolio, which took effect following a directive issued by the interim Government of Libya, involves the aggregation of assets in Cote d'Ivoire, South Sudan and Uganda, previously managed by LAP GreenN. 
Consolidating the African interests within Libya's primary telecommunications and information technology company will allow them to benefit by having access and support from LPTIC's leadership, which has a first rate track record and strong management team, as well as gain from the consolidation of expertise and growth opportunities offered within the LPTIC portfolio.
LPTIC has played a prominent role in the broader restructuring of the telecommunications sector in Libya, making it more efficient, competitive and open to foreign direct investment, said the statement.
The LPTIC management team will now focus on securing, optimising and transforming the broader African asset portfolio, drawing on its skills and expertise to bring benefits to its new assets. 
The African assets will be able to gain from LPTIC's extensive knowledge transfer capabilities, the provision of critical skills as well as develop local talent, which will help the assets to build capacity in each respective country, it said.
Faisal Gergab, LPTIC chairman, said: "I believe that our talented LPTIC management team will enable us to provide enhanced services in key markets and to bring with it significant benefits to our customers. Our priority is to ensure that the asset base is operating effectively and sustainably. Once we have achieved this we will look to explore new opportunities for growth anddemonstrate our value to both the Libyan economy as well as other growing economies in the region.
"We see this as an important opportunity to optimise these exciting African assets and work together with our new stakeholders to capitalise on the opportunity before us, by providing important services, skills and technology transfer.
"We look forward to bringing in such a diverse talented pool of employees, who will play an important role in driving the success of LPTIC across all markets going forward."
Hassan Bouhadi, chairman of the Libyan Investment Authority said: "The LIA has a responsibility to the Libyan people to ensure that it has the best means to deliver value and revenue. Thisconsolidation of key telecommunicationassets under one management team creates synergies and new opportunities for investment which the LIAbelievesareright for the Libyan people and the African holdings.
"As these assets havedeveloped, they have nowreached 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. We believe that LPTIC is best qualified to manage the transformation of Libya's telecommunications assets in Africa, and I have every confidence in the team's ability to realise value for all stakeholders and in particular the Libyan people." - TradeArabia News Service

Tags: Telecom | libya | asset | consolidate | LIA |

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