The Libyan Post Telecommunications and Information Technology Company (LPTIC) has announced the strategic consolidation of several Libyan owned shareholdings in mobile and fixed-line network operating companies in sub-Saharan Africa.
According to a statement from the company, 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 (LIA), 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.
