LPTIC Secures Key African Investments

LPTIC has already begun to play a significant role in transforming Libya into a knowledge based economy, bringing with it both social and economic benefits, and demonstrating the market leading capabilities of the company. The integration of the African telecommunications assets, under LPTIC management, provides LPTIC with access to new, rapidly developing, growth markets. Furthermore, it provides a platform from which it can leverage its well-established presence and technical expertise to enhance services as well as enable the assets to reach their full potential, and in turn play a vital role in supporting economic development in these countries.

LPTIC Chairman, Faisal Gergab commented:

"I believe that our talented LPTIC management team will enable us to provide enhanced services in key markets and to bring with it significant benefits to our customers.

"Our priority is to ensure that the asset base is operating effectively and sustainably. Once we have achieved this we will look to explore new opportunities for growth and demonstrate our value to both the Libyan economy as well as other growing economies in the region.

"We see this as an important opportunity to optimise these exciting African assets and work together with our new stakeholders to capitalise on the opportunity before us, by providing important services, skills and technology transfer.

"We look forward to bringing in such a diverse talented pool of employees, who will play an important role in driving the success of LPTIC across all markets going forward."

Hassan Bouhadi, Chairman of the Malta-based Libyan Investment Authority (LIA) said:

"The LIA has a responsibility to the Libyan people to ensure that it has the best means to deliver value and revenue. This consolidation of key telecommunication assets under one management team creates synergies and new opportunities for investment which the LIA believes are right for the Libyan people and the African holdings.

"As these assets have developed, they have now reached a point in their life cycle that will require a more focused telecommunications and information technology company to oversee the next stage of development and unlock their full potential.

"We believe that LPTIC is best qualified to manage the transformation of Libya's telecommunications assets in Africa, and I have every confidence in the team's ability to realise value for all stakeholders and in particular the Libyan people."

(Source: LPTIC)

(Telecoms image via Shutterstock)

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