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Press Statement from LAP GreenN on Uganda Telecom

by david.nunes

Press Statement from LAP GreenN on Uganda Telecom

24.05.2012

LAP GreenN announced today that the shareholders and directors of its wholly-owned subsidiary UCOM were fully reinstated, and have now resumed their management control responsibilities of Uganda Telecom Limited (UTL).

UCOM, through its two-hundred million U.S. dollar investment, controls 69% of the Ugandan Fixed and Mobile telecommunications company Uganda Telecom Limited (UTL).

Commenting on this development Mr. Wafik Al-Shater, LAP GreenN’s Chairman, said:

“The entire team and I are delighted to have our full board rights as majority shareholders of UTL restored and, subsequent to the recent UTL board-meeting on the 21st of May, we are now pleased to resume full operational management control. This has been achieved through the full support of H.E. the President and the Government of the Republic of Uganda, and I would like to take this opportunity to pay tribute and thank them for their support.”

“Libya and its people have come through tough times, and with elections about to take place for a democratic government there is a new sense of stability and optimism for the future. LAP GreenN has undergone radical change in the past six months. With a new board of directors and emphasis on commercial objectives a new management team has been recruited with a focus on developing a growth strategy for the company.”

“Our reinstatement in UTL represents yet another step forward for LAP GreenN in the restoration of all our legitimate Fixed and Mobile Telecoms assets across Africa. Over the past few months, LAP GreenN has been assessing the various operations and has developed a good understanding of what the requirements are going forward in the restoration of its assets across Africa. In addition to Uganda we are driving positive change in Ivory Coast (Oricel) and South Sudan (Gemtel).”

Mr Al-Shater emphasized: “We will use our management expertise to further develop not only UTL but the performance of our entire group of companies. We now have a world-class team of telecom professionals leading the company, put in place over the past six months as part of our work in rebuilding it, and we will continue to recruit and expand the team with talented individuals. Our strategy is long-term. LAP GreenN continues to be one of LAP’s most valued companies, with our operations conforming to one consistently high standard as we deliver reliable and affordable mobile and fixed-line communications to our customers, enhancing their daily lives, wherever and however they want.”

About LAP GreenN

LAP-GreenN is the telecommunications investment arm of Libyan African Investment 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.

 

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