Rwandatel may look for a foreign investor if a local court does not liquidate it, according to reports quoting the company’s interim management.
In April, the government was reported to have initiated insolvency proceedings against the telecoms operator,…
Rwandatel may look for a foreign investor if a local court does not liquidate it, according to reports quoting the company’s interim management.
In April, the government was reported to have initiated insolvency proceedings against the telecoms operator, and an interim management was appointed.
Libyan investment vehicle Lap Green Networks owns 80% of Rwandatel, while Rwanda’s Caisse Sociale (social security fund) owns the remaining 20%.
The government has taken custody of Rwandatel in compliance with the recent UN resolution, which requires that Libyan assets be frozen.
The company was reportedly already crippled with liabilities bigger than its assets before the UN resolution.
Earlier this year, 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.
