By Sami Zaptia.
London, 1 March 2020:
The Libyan Post Telecommunications and Information Technology Company (LPTIC) and Italy’s telecommunications market leader, Retelit S.p.A, signed an agreement last Monday (24 February) to create Retelit Med S.r L., an ICT development Joint Venture for the Mediterranean region.
The agreement entailed the establishment of the Italian-registered Retelit Med S.r L., held 50 percent by Retelit S.p.A and 50 percent by LPTIC. LPTIC already indirectly holds 14.37 percent shares in Retelit S.p.A.
The companies reported that the JV will develop commercial opportunities and synergies between Retelit and LPTIC in the Information Communication Technology sector. This will focus on ICT international services in the Mediterranean basin between Europe, Asia and Africa, to leverage the respective assets, the respective expertise and the untapped commercial potential in this area, leveraging on the natural geographic position of Italy and of Libya at the centre of the Mediterranean, as a gateway between the European and African continents.
The companies said that their main target market will be the so-called “International Wholesale” market, made up of International Telecommunication Operators, large Internet Providers and OTTs (“Over the Tops”), the MNCs (Multinational Customers) market made up of large Multinationals and, finally, the “captive” market of Retelit Med’s own shareholders, with a major focus on the EMEA region (Europe, Middle East, Africa).
On the new partnership, Faisel Gergab, Chairman of LPTIC, said: “LPTIC is delighted to have established a new joint venture business with Retelit, which will develop the very many business synergies and commercial opportunities between the Libyan and Italian ICT markets. I believe this new business will be hugely successful and further strengthen the very close ties between Libya and Italy. I wish the team all the best with their future endeavours”.
Dario Pardi, Chairman of Retelit, stated: “We are certainly very satisfied to have concluded this partnership with a top-standing company such as LPTIC, which we have known for a long time and with whom we see the business in the same way. We believe that our proposals are complementary from a geographic and offer viewpoint and therefore may be perfectly integrated into a single proposal. The international ICT sector is currently very dynamic and growing. With this agreement, we believe we can better tap into the new business and growth opportunities for Retelit”.