Libyan state-owned company LAP Green Network has bought 60% of Societe des Telecommunications de Tchad (SOTEL) for US$90m, according to media reports.
The buyer has reportedly also committed to investing up to US$100m in the operator’s network. SOTEL…
Libyan state-owned company LAP Green Network has bought 60% of Societe des Telecommunications de Tchad (SOTEL) for US$90m, according to media reports.
The buyer has reportedly also committed to investing up to US$100m in the operator’s network. SOTEL offers both a fixed-line and a mobile network.
Earlier this year, media reports said that the government had sold 60% of the incumbent to an unspecified UK company, but no details on the identity of the buyer had been given.
A year ago, the Republic of Chad agreed to pay Orascom Telecom US$4.9m in a settlement that stopped the Egyptian company claiming ownership over the incumbent.
The dispute arose in 2002 when Chad decided to invalidate an agreement between SOTEL Chad and Orascom to transfer a 51% stake in Tchad Mobile to the Egyptian company.
As a result, Orascom suspended the operations of Tchad Mobile in July 2004 and took the matter to the International Chamber of Commerce in March 2005.
