By Libya Herald staff.
Tripoli, 14 May 2014:
LAP GreenN, a wholly . . .[restrict]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 reports, the company 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, the 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, they explain.
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, LAP GreenN report.
“This is a great honor and a remarkable win for the LAP GreenN team and our operating companies throughout Africa, the collective efforts of our board, executive teams, and employees made this achievement possible, ” said Wafik Al Shater, Group CEO, LAP GreenN.
“Our team continues to face challenges and provide opportunities in difficult circumstances, in 2013 alone we have increased revenues by over 25% in two of our operating companies and reduced debt by 40% across the board. Many of these great feats would not be possible without our shareholders continued support even under difficult circumstances.”, he added.
The Judges were impressed with LAP GreenN’s determination and had this to say,“LapGreenN has had to overcome tremendous difficulties at home and abroad, and they have been working tirelessly to turn this around. Gradually, this now looks like it is starting to happen.”
LAP GreenN has already shown positive numbers in the beginning of 2014 and plan to continue that growth throughout the rest of the year. LAP GreenN’s focus will remain on Africa and maintaining a growth platform for the operating companies across the continent, assuring customer satisfaction and providing them with the latest telecommunication solutions, the company says. [/restrict]