No Result
View All Result
Tuesday, May 17, 2022
22 °c
Tripoli
22 ° Wed
22 ° Thu
21 ° Fri
20 ° Sat
  • Advertising
  • Contact
LibyaHerald
 
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Libya pulls out of rescue plan for Uganda Telecom; company now faces nationalisation

byMichel Cousins
March 5, 2017
Reading Time: 2 mins read
A A
Libya pulls out of rescue plan for Uganda Telecom; company now faces nationalisation
12
SHARES
50
VIEWS
Share on FacebookShare on Twitter

By Libya Herald reporter.

Libya has been granted two months by the Ugandan authorities to save its cash-strapped Utl telecoms company (Logo: Utl).

Tunis, 5 March 2017:

Plans to restructure Uganda Telecom (UTL), which is 69-percent owned by Libya’s Lap Green Network, appear to have reached the end of road with the announcement that Lap Green has suspended all financial support for the telecoms company. In a statement, Lap Green’s parent company, the Libyan Post, Telecommunication and IT Company (LPTIC), has blamed the Ugandan authorities for the failure.

Despite 14 months of what it said had been “intensive engagement” with the Ugandan government and its own commitment to save UTL, it had not been possible to do a deal with the Ugandan government, LPTIC said. It accused it of “institutional unwillingness” to reach agreement on a rescue package.

RELATED POSTS

Aldabaiba proposes new Road Map for holding elections, loans and land for youth and money for healthcare for war wounded

Cooperation agreements reached between Libyan and the Greek pharmaceutical and medical companies: Tripoli Chamber of Commerce

“In straightforward terms, the process could not continue in the face of a protracted lack of substantive engagement from senior shareholders within the Government of Uganda,” LPTIC stated.

It further noted that during the negotiations it had continued to fund the loss-making UTL. Those losses, it claimed, were the result of unpaid bills and other debts owed by the Ugandan government, which owns 31 percent of the company. The unpaid bills are put at $4.4 million.

There is every prospect that UTL will now be nationalised by Uganda which has  already taken over the management has. An announcement to that effect was made last Wednesday by the country’s finance minister Matia Kasaija.

“UTL’s performance since 2007 has been characterised by heavy indebtedness, decline in market share and losses”, he said. “This was due to inadequate investment, competitive pressure, a dilapidated network and governance challenges.”

LPTIC-boss
LPTIC Chairman Faisal Gergab in discussions on UTL’s future last November with Uganda’s President Yoweri Museveni (Photo: UTL)

LPTIC has nonetheless vowed to fight to protect its interests in UTL. Stating that it “expects the Government of Uganda to fully comply with applicable laws ad best practice concerning the protection of tis investment interests in UTL”, it added that it would contest any moves to undermine its position.

Tags: featuredLibyaUgandaUganda Telecom
Share5Tweet3Share1

Related Posts

Turkish independent business association, MUSIAD, opens Tripoli branch
Business

Turkish independent business association, MUSIAD, opens Tripoli branch

May 17, 2022
Misrata airport upgrade financed by local businesses expected to open within three months
Business

Misrata airport upgrade financed by local businesses expected to open within three months

May 17, 2022
Greek delegation visits Benghazi’s Benina airport to discuss resumption of flights with Athens ‘‘soon’’
Business

Greek delegation visits Benghazi’s Benina airport to discuss resumption of flights with Athens ‘‘soon’’

May 17, 2022
Mitiga airport continues upgrade projects – including the new departure hall, new luggage conveyor belts and perimeter fences
Business

Mitiga airport continues upgrade projects – including the new departure hall, new luggage conveyor belts and perimeter fences

May 15, 2022
Benghazi’s Benina airport opens its new Berniq terminal – a BOT project financed by the private sector Bank of Commerce and Development
Business

Benghazi’s Benina airport opens its new Berniq terminal – a BOT project financed by the private sector Bank of Commerce and Development

May 14, 2022
Blackouts in Benghazi after power grid damaged in clashes
Business

Tripoli West Fast Track power station about to enter production: GECOL

May 14, 2022
Next Post

Oil terminals attack boosts HoR rejection of the LPA

Marj municipality urges HoR to quit UN-brokered Libya Dialogue process

Marj municipality urges HoR to quit UN-brokered Libya Dialogue process

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • Malta-based Libyan carrier Med Sky to start chartered flights from Misrata to Malta from 5 May

    Malta-based Libyan carrier Med Sky to start chartered flights from Misrata to Malta from 5 May

    472 shares
    Share 189 Tweet 118
  • Two leading Tripoli militias clash in town centre

    411 shares
    Share 170 Tweet 100
  • Bashagha reveals proposed government of 41 – with 30 ministers and 8 ministers of state

    344 shares
    Share 140 Tweet 85
  • Hafter’s representatives in the 5+5 Joint Military Commission announce suspension of their participation in the commission

    329 shares
    Share 138 Tweet 80
  • Bashagha Government of National Stability (GNS) releases new crest

    264 shares
    Share 106 Tweet 66
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Turkish independent business association, MUSIAD, opens Tripoli branch

GIZ ”Kick-off workshop” in Tunis to launch solar energy in Libya

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    No Result
    View All Result
    • Login
    • Sign Up
    • Cart
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?