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Libya’s telecommunications investment arm, LAP GreenN, announced Thursday that shareholders and directors of its wholly-owned subsidiary, UCOM, have been fully reinstated to resume their management control responsibilities of Uganda Telecom Limited (UTL). UCOM, through its US$ 200 million investment, controls 69 percent of the Uganda's fixed and mobile telecommunications company, Uganda Telecom Limited.
Commenting on this development, LAP GreenN chairman Wafik Al-Shater, 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 21 May, we are now pleased to resume full operational management control.”
According to Al-Shater, the reinstatement has been achieved through “the full support” of Ugandan President Yoweri Museveni.
“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,” he said, noting that LAP GreenN has undergone radical change in the past six months.
“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 Cote d’Ivoire (Oricel) and South Sudan (Gemtel).”
Al-Shater emphasized that the Libyan firm would use its management expertise to further develop not only UTL but also the performance of its entire group of companies.
LAP-GreenN’s investment is focused on the telecommunications sector in emerging markets. It currently operates mobile and ISP businesses in Uganda, Zambia, Cote d’Ivoire and South Sudan while seeking to increase its footprint across Africa and the Middle East.
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