LAP GreenN announced today that its wholly-owned subsidiary UCOM’s directors, were fully reinstated as UTL board members, and have now resumed their management control responsibilities of the company.
UCOM through its two-hundred million U.S. dollar investment, controls 69% of the Ugandan Fixed and Mobile telecommunications company Uganda Telecom Limited (UTL).
Commenting on this development Mr. Wafik Al-Shater, LAP-GreenN’s Chairman, said;
‘I, and the entire team are delighted to have our full board rights as majority shareholders of UTL restored, and subsequent to the recent UTL board-meeting on the 21st of May, we’re now pleased to resume full operational management control. This has been achieved through the full support of H.E. the President, the Government of the Republic of Uganda, and the Honourable Minister of Finance, Planning and Economic Development, and I would like to take this opportunity to pay tribute and thank them for their support.
The government acted as soon as the sanctions were lifted to restore our investment in UTL back to its full status, and this sends a clear message to others who are thinking of doing business in Uganda, that investors are not only welcome here, but their enterprises and investments will be treated fairly and with full respect for their rights in law’.
We will continue our investments into UTL and during 2012 will take the company to new levels of service and quality for its customers throughout Uganda’.
‘During the sanction period, Mr. Donald Nyakairu stepped in as the ‘acting’ MD, and I would like to take this opportunity too, to recognize his contribution and fortitude.
‘Libya and its people have come through tough times, and with elections
about to take place for a democratic government there is a new sense of optimism and stability for the future. LAP GreenN has undergone radical change in the past 6 months. With a new board of directors and emphasis on commercial objectives a new management team has been recruited with Telecom expertise and years of experience of doing business in Africa.
Our reinstatement in UTL, represents yet another step forward for LAP-GreenN in the restoration of all our legitimate Fixed and Mobile Telecoms assets across Africa. Over the past few months, LAP GreenN has been assessing the various operations and has developed a good understanding of what the requirements are going forward in the restoration of its assets across Africa. In addition to Uganda we are driving positive change in Ivory Coast (Oricel) and South Sudan (Gemtel). We are also evaluating our options in other territories where we have licenses.
Mr Al-Shater emphasized; ‘We will use our management expertise to further develop not only UTL but the performance of our entire group of companies. We now have a world-class team of telecom professionals leading the company, put in place over the past six months as part of our work in rebuilding it, and we will continue to recruit and expand the team with talented individuals. Our strategy is long-term. LAP GreenN continues to be one of LAP’s most valued companies, with our operations conforming to one consistently high standard as we deliver reliable and affordable mobile and fixed-line communications to our customers, enhancing their daily lives, wherever and however they want’.