LAP Green, the Libyan investment vehicle, has reportedly decided not to bid for the Rwandatel assets being sold in a liquidation process.
Rwandatel’s administrator, Richard Mugisha, was quoted saying that the firm had been given the opportunity to bid…
LAP Green, the Libyan investment vehicle, has reportedly decided not to bid for the Rwandatel assets being sold in a liquidation process.
Rwandatel’s administrator, Richard Mugisha, was quoted saying that the firm had been given the opportunity to bid for those assets but did not submit any offer.
It remains unknown why LAP Green decided to pull out of the process and LAP Green was not able to comment before the press deadline.
Reports suggest that current bidders for Rwandatel include India’s Bharti Airtel.
The insolvency proceedings against the Rwandese operator were initiated in April 2011 by the government, after the company failed to fulfil licence obligations in terms of investments, coverage, rollout and quality of services, and therefore lost its mobile licence.
This report comes just a few days after the Zambian government announced it was taking back a 75% stake in fixed-line operator Zamtel from LAP Green Network, which is part of Lap Green. Justice minister Sebastian Zulu reportedly concluded that Zamtel had been undervalued when it was sold to Lap GreenN in 2010 for US$257m.
