Libya Africa Investment Portfolio (LAP), owner of GreenN telecoms, announced on Thursday that the Ivorian government would not nationalize the ailing GreenN Cote d’Ivoire telecoms company as it was relayed by many international and Ivorian medias.
LAP and the Ivorian government have reached an agreement to re-structure the company which has failed to pay licence fees. The government would not nationalize other three ailing telecoms companies, Ivorian Café Mobile, Lebanon’s Comium and UAE’s Warid, all of them owing about US$ 150 million to the Ivorian government.
‘‘There was no nationalization’’ a source at LAP said.
‘‘This move is part of the reorganization of the telecom industry LAP GreenN recommended to the Ivorian Ministry of Telecommunications 18 months ago’’
‘‘We asked that the weak 4 players in the market are consolidated into one. This way we will have more coverage and equipment.’’
‘‘Instead of paying to the Ivorian government cash, that GreenN don’t currently have, we offered to give the government shares in the company’’.
‘‘The new merged company will offer 51% to an international player to invest in the company so that it can compete. This international player can be LAP GreenN if we can make funds available before the end of the year. Otherwise we will seek other investors’’.
LAP’s investments are valued at around US$ 4 billion.