Rwandatel will be sold by the end of the year in an effort to reimburse creditors, according to a local media report.
Rwandatel’s administrator, Richard Mugisha, was quoted saying that the plan is to sell the assets to another telecoms provider to…
Rwandatel will be sold by the end of the year in an effort to reimburse creditors, according to a local media report.
Rwandatel’s administrator, Richard Mugisha, was quoted saying that the plan is to sell the assets to another telecoms provider to avoid service interruption.
New Times reports that the decision to sell Rwandatel follows an order by a commercial court in Nyarungenge to liquidate the operator.
The court reportedly requested all Rwandatel creditors to submit their claims by 18 August.
The government initiated insolvency proceeding against the operator in April.
Libyan investment vehicle Lap Green Networks owns 80% of Rwandatel, while Rwanda’s Caisse Sociale (social security fund) owns the remaining 20%.
The operator was reportedly already crippled with liabilities bigger than its assets before the UN resolution which requires Libyan assets to be frozen was implemented.
In April, the Rwanda Utilities Regulatory Agency (RURA) revoked Rwandatel’s mobile licence for failing to fulfil licence obligations in terms of investments, coverage, rollout and quality of services.
