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By Libya Herald reporter.
London, 11 September 2015:
Libyan-owned telecoms companies can be . . .[restrict]competitive in Africa, Libyan Post and Telecommunications Information Technology Company (LPTIC) Chairman Faisel Gergab insisted, commenting on the recent transfer of control of Libyan Sovereign Wealth owned assets to the LPTIC.
Gergab was referring to the recent takeover of control by LPTIC of Libya Africa Portfolio’s (LAP) LAP GreenN telecoms assets in South Sudan, Uganda and the Ivory Coast
State holding company LPTIC owns all the main state telecommunications companies in Libya including the two main state mobile operators Libyana and Al-Madar, the main state internet provider Libya Telecom and Technology (LTT), Aljeel, International Telecommunications Company, Hatef Libya and the real estate investment company Alboniya.
LAP, with investments valued at US$ 5 billion, is a subsidiary of the Libyan Investment Authority (LIA), Libya’s main sovereign wealth entity, with investments valued at US$ 67 billion.
Speaking to BBC News at the end of August, Gergab said that LPTIC aims to help diversify the Libyan economy away from the predominant hydrocarbon sector. He explained that his company’s efforts are being hampered by the political and security crises in Libya.
The LPTIC Chairman admitted that competition in some African states in the Telecoms sector was fierce, but insisted that LPTIC’s newly acquired companies would be ‘’very competitive’’.
Gergab said in some small African countries there were as many as seven different telecoms operators, but added that Libyan owned companies thanks to LPTIC will have ‘’a massive competitive advantage’’.
LPTIC has an in depth knowledge of the sector he explained with access to its RASCOMSTAR Africa satellite which would give it an advantage in rural areas, it would have competitive services to offer its African customers.
Gergab said that after gaining full control over its new assets in the short term, LPTIC plans to embark on an expansion plan in Africa. [/restrict]
