Leading Libyan telecoms and IT firm LPTIC has announced the "strategic consolidation" of several Libyan-owned shareholdings in mobile and fixed-line network operating companies in Sub-Saharan Africa.
The company said the restructuring would enable it to stabilise important African telecommunications investments through the implementation of a renewed management strategy drawing on the resources of a wider group business.
This restructuring further expands LPTIC's international footprint, with the company strategically extending its operations into West and East Africa. Assets were previously managed by the Libyan Investment Authority.
Assets in Cote d'Ivoire, South Sudan and Uganda, previously managed by LAP GreenN, have been aggregated. LPTIC said consolidating the African interests would allow individual assets to benefit by having access and support from LPTIC's leadership.
"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," said LPTIC chairman Faisal Gergab.
"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."
Gergab said the firm saw this as an opportunity to optimise African assets and work together with new stakeholders to capitalise on the opportunity before it.
"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."