The Libya Africa Investment Portfolio (LAP), which recently bought a 75% stake in Zambian operator Zamtel for US$257m, will invest around US$125m in the telecom company over the next two years, recently appointed Zamtel CEO Hans Paulsen told Ugandan…
The Libya Africa Investment Portfolio (LAP), which recently bought a 75% stake in Zambian operator Zamtel for US$257m, will invest around US$125m in the telecom company over the next two years, recently appointed Zamtel CEO Hans Paulsen told Ugandan newspaper the Daily Monitor.
The money will be invested under the LAP Green Network, the group’s telecom arm, and will be used to restructure the company, acquire new technology, build a 3G network, extend network coverage while re-launching the brand, Mr Paulsen explained in the Daily Monitor article.
He also said that the investment would reinforce LAP’s objectives to increase Zamtel’s subscriber base from 300,000 to 1 million by the end of 2010.
LAP took Zamtel private in mid-June after acquiring a large part of its equity. It notably fended off competition from Angola’s Unitel and Altimo of Russia.
In recent years, LAP Green Network has expanded its operations to several African countries including Togo, Sierra Leone, Uganda, Rwanda, Niger, Ivory Coast and Sudan. According to the Daily Monitor, the network has a total subscription platform of 5.2 million customers.
Neither Zamtel and LAP could not be reached for comment.
