This restructuring will allow LPTIC, which through its subsidiaries has more than 15,000 employees, to protect and stabilize significant investments in telecommunications in Africa by implementing a renewed management strategy based on synergies in skills, procurement and financing from a larger business group.
The restructuring 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 broader investment portfolio of the Libyan Investment Authority, whose board of trustees has confirmed its 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 Libyan interim government, involves the incorporation of assets in Côte d'Ivoire, South Sudan, and Uganda, previously managed by LAP GreenN. Consolidating these African interests within Libya's telecommunications and information technology company will allow them to benefit from access to and support from LPTIC's management team, which has a first-class track record and strong leadership, as well as to leverage the growth opportunities and expertise offered by the consolidated LPTIC portfolio.
LPTIC has played a significant role in the broader restructuring of Libya's telecommunications sector, making it more efficient, competitive, and open to foreign direct investment. The LPTIC management team will now focus on securing, optimizing, and transforming the African asset portfolio, leveraging its expertise and experience to enhance its new assets, benefit from LPTIC's extensive knowledge transfer capabilities, provide critical skills, and develop local talent, which will help the assets build capacity in their respective countries.
As highlighted in a recent World Economic Forum report, the development and reform of telecommunications and information technology is often critical for improved economic development. In Africa, significant market opportunities exist for the delivery of 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, delivering its social and economic benefits and demonstrating the company's market-leading capabilities. The integration of African telecommunications assets, under LPTIC's management, provides LPTIC with access to new, rapidly developing growth markets. Furthermore, it offers a platform from which to leverage its established presence and technical expertise to enhance services and enable the assets to reach their full potential, thereby playing 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 offer enhanced services in key markets and deliver significant advantages to our clients. Our priority is to ensure that the asset base is operating effectively and sustainably. Once we have achieved this, we will explore new growth opportunities and demonstrate our value to the Libyan economy and other emerging economies in the region.”.
Hassan Bouhadi, president of the Libyan Investment Authority, said:
"The Libyan Alliance (LIA) has a responsibility to the Libyan people to ensure it has the best means to deliver value and revenue. This consolidation of telecom assets under one management team creates synergies and new investment opportunities that the LIA believes are appropriate for Libyans and African holding companies. As these assets have developed, they have now reached a point in their lifecycle that will require a more focused telecom and information technology company to oversee the next stage of development and unlock their full potential.
We believe LPTIC is best qualified to manage the transformation of Libya's telecom assets in Africa, and I have full confidence in the team's ability to deliver value for all parties, and especially for the Libyan people."
