Libyan Post, Telecommunications and Information Technology Company (LPTIC or the "Company")
DUBAI, UAE, AL-BADYA, Libya and VALLETTA, Malta, Aug. 24, 2015 /CNW/ - LPTIC, Libya's leading postal, telecommunications and information technology company, today announces the strategic consolidation of several Libyan owned shareholdings in mobile and fixed-line network operating companies in sub-Saharan Africa.
This restructuring will enable LPTIC, which through its subsidiaries has over 15,000 employees, to safeguard and stabilise important African telecommunications investments through the implementation of a renewed management strategy drawing on the skills, procurement and funding synergies of a wider group business.
The restructuring further expands LPTIC's international footprint as it strategically extends its operations into West and East Africa. The assets were previously managed as part of the much wider investment portfolio of the Libyan Investment Authority, whose board of trustees has confirmed their support for the strategic consolidation of these assets within LPTIC.
The consolidation of the African telecommunications asset portfolio, which took effect following a directive issued by the interim Government of Libya, involves the aggregation of assets in Cote d'Ivoire, South Sudan and Uganda, previously managed by LAP GreenN. Consolidating the African interests within Libya's primary telecommunications and information technology company will allow them to benefit by having access and support from LPTIC's leadership, which has a first rate track record and strong management team, as well as gain from the consolidation of expertise and growth opportunities offered within the LPTIC portfolio.
LPTIC has played a prominent role in the broader restructuring of the telecommunications sector in Libya, making it more efficient, competitive and open to foreign direct investment. The LPTIC management team will now focus on securing, optimising and transforming the broader African asset portfolio, drawing on its skills and expertise to bring benefits to its new assets. The African assets will be able to gain from LPTIC's extensive knowledge transfer capabilities, the provision of critical skills as well as develop local talent, which will help the assets to build capacity in each respective country.
As outlined in a recent World Economic Forum report, the development and reform of telecommunications and information technology is very often critical to improved economic development. Across Africa, there exists significant market opportunities for the delivery of vital world-class telecommunications and information technology services and capabilities.
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 Libyan Investment Authority 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."
Notes to Editors
About LPTIC - http://www.lptic.net
Libyan Post, Telecommunications and Information Technology Company ("LPTIC") is a sovereign holding company that was established for the purpose of developing the ICT sector in Libya and investing in telecommunications infrastructure in Libya and abroad. The company owns a group of investments inside and outside the country. LPTIC's vision is to continue establishing itself as a modern and diversified telecommunications, information technology and postal services provider supporting the development of a knowledge-based economy through the provision of critical services, as well as driving customer satisfaction by delivering world-class services.
LPTIC owns major telecommunications companies including: the mobile operators Libyana and Al-Madar, Libya Telecom and Technology (LTT), Aljeel, International Telecommunications Company, Hatef Libya and the real estate investment company Alboniya
These companies play a significant role in the development of the ICT sector in Libya where they operate to provide the largest possible number of citizens and enterprises with fixed, mobile and internet services.
SOURCE Libyan Post, Telecommunications and Information Technology Company (LPTIC)
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