LAP GreenN Wins Growth Story of the Year Award

LAP GreenN, a wholly owned subsidiary of the Libya Africa Investment Portfolio, has been nominated and won in the category of ‘Growth Story of the Year’ at this year’s TMT Finance & Investment MENA Awards 2014. LAP GreenN’s CEO Wafik Al Shater and COO Dimitris Lioulias were both present at the dinner to accept the award. Wafik was also shortlisted in the category of ‘Outstanding CEO’ joining the likes of CEO’s from Ooredoo Group, Etisalat Group, STC and Zain Group.

In just a matter of two years LAP GreenN has shown a tremendous turnaround resulting in reductions in EBITDA losses, engaging in settlement agreements, improving corporate governance, and making debt reduction a main priority. Prior to the new executive team that took over in 2011, majority of the operating companies under LAP GreenN were found to be in a dire state and on the brink of collapse, due to the revolution in Libya, UN, US and EU sanctions, and severe funding restrictions. Under the new leadership, the new management team immediately began to take control of the assets and spent significant time in dialogue with African regulators and ministries to regain control of the Group and operations.

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