The Libya Africa Portfolio (LAIP or LAP) is preparing an aggressive rescue plan for its troubled African telecoms subsidiary LAP.

The Libya Africa Portfolio (LAIP or LAP) is preparing an aggressive rescue plan for its troubled African telecoms subsidiary LAP GreenN, Libya Herald has learnt.

LAIP is a wholly-owned subsidiary of the Libyan Investment Authority (LIA), Libya’s main sovereign wealth fund entity.

Sources have informed this publication that the shareholders of LAP GreenN are working on a restructuring plan. The plan will find solutions for the company to ensure its continuity and its ability to deliver better service and value for money for businesses and individuals across the countries where LAP GreenN has investments in the African market.

Moreover, this competitiveness will also include the capability of LAP GreenN to invest in new technology and grow in the years to come.

It was feared that LAIP and the LIA might have been tempted to take a decision to disinvest from LAP GreenN in view of the difficulties it has faced in Africa. It will be recalled that in 2012, Zambia seized LAP GreenN’s telecoms investments (Zamtel), a move that Libya is appealing at the Zambian High Court.

LAP GreenN also succeeded in regaining control of its telecoms investment in Uganda (Utl) in March 2012 after it paid its outstanding debts accrued during the 2011 revolution.

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