Libyan backed telco, Lap Green has denied media reports that it was considering a sale of its Ugandan and Rwandan operations to South Africa's Vodacom. Speaking on phone to The New Times newspaper, Lap Green Managing Director Abdulbaset Elazzabi expressed surprise at the media reports.
"That information isn't true at all because if we (Lap Green) had some thing big like that, I would have known about it," Elazzabi said. "We are expanding our operations. As I talk to you now, I am in Abuja where we intend to have a new network".
Victor Kinuma, the Rwandatel marketing manager, also said it was news to him. "Lap Green has the capacity to invest and improve the network operations. It just can't sell its newly purchased operations".
Last year, Lap Green Networks paid the Rwandan government US$50 million as an initial payment for an 80% stake in Rwandatel. Lap Green said they would pay the remaining US$50 million owed by 2009. During the bidding process, the company agreed to pay US$100 million for the 80% stake. The government sold the remaining 20% of Rwandatel to the Social Security Fund.
Lap Green Networks also owns a majority stake in Uganda Telecom (UTL) and says that it plans to launch a borderless roaming service between the two networks. This would be similar to the deal recently announced between Kenya's Safaricom and MTN Rwanda which covers both Uganda and Kenya.
Lap Green is an arm of the Libyan government, created to manage its portfolio of investments outside the country.
On the web: The New Times
Posted to the site on 29th February 2008
Posted to: www.cellular-news.com/story/29636.php