LAP acquires controlling stake in S.Sudan telecom

The Libya African Investments Portfolio (LAP) Green, the investment arm of the Libyan government, has bought an 80% stake in Southern Sudan’s telecommunications operator, Gemtel. The deal was sealed last week through LAP Green Networks, the telecommunications arm of LAP. LAP’s top executives were in the region a few weeks ago to explore new investments. In East Africa, LAP has stakes in uganda telecom and Rwanda’s Rwandatel. A statement from uganda telecom said Salva Kiir, the vice president of Sudan, Khaled Kagigi, the vice chairman and chief executive officer of LAP, and Ceasor Mulenga, the chief executive of Gemtel, signed the share purchase agreement. The acquisition of Gemtel brings to five the telecommunication companies owned by LAP Green. The firms include Sahelcom & Sonitel (Niger), GreenN (Ivory Coast), Rwandatel (Rwanda) and uganda telecom (Uganda). The statement said LAP Green has also been shortlisted to buy a 75% stake in Zambia Telecommunications (Zamtel). Zamtel is Zambia’s lone fixed line operator. This acquisition will see LAP Green increase their Africa telecom holdings to six. LAP will reportedly launch operations in Sierra Leone and Togo soon. LAP Green is also in negotiations with other operators across Africa to purchase shares in a bid to create a continental telecommunications network that will provide affordable access. AGENCIES

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LAP acquires controlling stake in S.Sudan telecom