Libya acquires stake in Chad telecoms firm

  1. Posted on Tuesday 2 November 2010 - 14:20
    KingsleyKobo
    Image of KingsleyKobo
    Kingsley Kobo, AfricaNews reporter in Abidjan, Ivory Coast
    Libyan state-owned firm LAP Green Network has acquired a majority stake in Chad's Sotel telecoms firm for $90 million after a deal was signed by officials from both countries. The deal, which gives the Libyan firm 60 percent stake in Sotel Tchad, was signed during a visit to Chad by Libyan leader Muammar Gaddafi.
    Libya acquires majority stake in Chad telecoms firm
    “The value of the contract which was signed today during the Libyan leader’s visit is $90 million,” LAP Green Network Managing Director Abdulbaset Elazzabi told Reuters.

    Elazzabi said his firm would develop Chad's mobile and fixed line networks and planned to connect Chad to fibre optic cables, which would make high-speed Internet and mobile phone data services more widely available.

    The acquisition of a major stake in Chad’s state-owned Sotel is the latest in a series of African investments by Libya.

    The LAP Green Network is owned by sovereign wealth fund of the Libyan African Investment Portfolio, and controls telecoms operations in eight African countries.
    The funds have bought some European assets, primarily in Italy, and have also poured millions of dollars into acquisitions in sub-Saharan Africa.

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