LAP GreenN to do “everything possible” to fight for ownership of legally acquired stake in Zamtel
LAP GreenN, the Libyan owned telecommunications network, is deeply concerned about unsubstantiated news reports that the Zambian Government is moving to seize the 75% stake in Zamtel held by LAP GreenN.
LAP GreenN bought its stake in Zamtel in June 2010 for US$257 million (ZK1.37 trillion) following an open, transparent and competitive bid process that was overseen by the Zambian Development Agency.
The newly appointed Chairman of LAP GreenN, Wafik Alshater, says:
“Zamtel is now a Zambian success story. Since LAP GreenN’s acquisition, Zamtel has attracted over 400,000 new customers and grown its market share from 3% to 11%. Furthermore, we have committed to investing US$129 million (ZK670 billion) in Zamtel over two years to create a truly competitive and world class telecommunications company.
“LAP GreenN is now under new leadership as part of broader changes in Libya. The new management is determined to safeguard its legally acquired assets which ultimately belong to the Libyan people, who fought a bitter war of liberation in 2011. We will pursue all options and do everything possible to retain our stake in Zamtel – a highly prestigious part of our pan-African network.
“We hope these reports are untrue, as this situation will not only be damaging to the telecoms industry in Zambia but would also send the wrong signal to those looking to invest in this country. LAP GreenN looks forward to continuing to develop Zamtel into a leading telecoms company, working with its partner in this investment, the Zambian Government.”
About LAP GreenN
LAP GreenN is the telecommunications investment arm of Libyan African Portfolio (LAP), focusing on the telecommunications sector in emerging markets. It operates mobile and ISP businesses in Uganda, Zambia, Ivory Coast and South Sudan. LAP GreenN is actively seeking to increase its footprint across Africa and the Middle East
· Erin Godbold, firstname.lastname@example.org, +44 7432 726 007
· Robert Watkinson, email@example.com, +44 7984 433 486
· Alex Margot-Duclot, firstname.lastname@example.org, +44 7534 630 813
· Noha Elbadawy, email@example.com, +44 7904 122 712