TOP
Friday,August 07,2020 10:32 AM

Libyans buy utl

By Vision Reporter

Added 6th March 2007 03:00 AM

LIBYA Africa Portfolio’s (LAP) Green Com has acquired majority shares in Uganda Telecom (utl).
Sources revealed that the company, the investment arm of the Libyan government, acquired 51% shareholding in utl after buying out UCOM.

LIBYA Africa Portfolio’s (LAP) Green Com has acquired majority shares in Uganda Telecom (utl).
Sources revealed that the company, the investment arm of the Libyan government, acquired 51% shareholding in utl after buying out UCOM.

By Peter Kaujju and Emmy Olaki

LIBYA Africa Portfolio’s (LAP) Green Com has acquired majority shares in Uganda Telecom (utl).
Sources revealed that the company, the investment arm of the Libyan government, acquired 51% shareholding in utl after buying out UCOM.

UCOM is the consortium that owned a 51% stake in utl. The remaining shares are owned by the government of Uganda.

“The deal is done. LAP Green Com has bought into utl. The process is being finalised and once concluded, it will be announced,” a source explained.

Last year, South Africa’s largest landline company, Telkom South Africa, was in the process of buying into utl when it pulled out.
Sources disclosed that the Libyan company would invest a substantial amount of money to expand utl and improve its services.

Utl is a communications company providing mobile, data, Internet, landlines and other communication solutions. It currently has about 0.5m mobile phone subscribers and just over 100,000 landlines.

LAP’s move to buy into utl increases Libyan investments in Uganda after the recent acquisition of a controlling stake in Tri Star garments company.

In Tri Star, LAP has 60% shareholding, the Government 30% and Tri Star management 10%.

LAP also has shares in National Housing and Construction Company and TAMOIL, the company that was awarded the tender to construct the Uganda-Kenya oil pipeline.

Investment State minister Prof. Ssemakula Kiwanuka could not comment on the utl deal. “I have no information to that effect. I do not give comments on issues that I have no information about,” he said.

Following the passing of the Communications Act in 1997, the Uganda Communications Commission (UCC) was instituted to regulate the communications industry in Uganda.

Subsequently, Uganda Posts and Telecommunications Company was divided to four entities; Uganda Communications Commission, Uganda Post Limited, Post Bank and utl.

 In June 2000, utl was privatised when the Government divested 51% of its shares to UCOM; a consortium formed by Detecon (Germany), Telecel International (Switzerland) and Orascom Telecom (Egypt). The Government retained 49% shares.

Libyans buy utl

Related articles

More From The Author

More From The Author