Rwandatel takeover : Lap Green out of the running
Libya’s LAP Green has lost the chance to reclaim the assets of its former troubled telco Rwandatel which are up for sale in the ongoing liquidation process, Rwandatel’s Administrator has disclosed. Lap Green had earlier on approached the authorities for a possible bid to reclaim assets of its former subsidiary.
The liquidation process has attracted big players in the telecom industry including Bharti Airtel, which is set to commence operations in Rwanda before the end of this year.
“Lap Green was given an opportunity to submit a bid like any other player, but they didn’t submit any, now I can declare them out of the running,” Rwandatel’s Administrator, Richard Mugisha, said.
“They approached us with a view of participating in the liquidation process and it is possible they (LAP Green) will participate like any other potential buyer,” RURA Director General, Regis Gatarayiha, said earlier last month.
Rwandatel’s assets were supposed to be on course before the end of this month but ,according to Mugisha, they have pushed the deadline forward by another one month.
“Because assets will be sold in parts, we have received some bids from successful bidders and are about to close them but we are still evaluating others, causing the delay to the selling date,” Mugisha noted.
Mugisha dismissed claims that Airtel has already acquired Rwandatel’s telecom masts, saying that they have submitted a different bid but not for masts. A court decision, last year, placed Rwandatel under liquidation.
Rwandatel’s woes started when its GSM licence was revoked, early last year, by sector regulator RURA, following what RURA insisted was the failure by Rwandatel to comply with its operating obligation.
The company was jointly owned by LAP Green networks a subsidiary of Libyan African Portfolio and the National Social Security Fund of Rwanda (CSR), with 80 per cent and 20 per cent respectively.
LAP Green is an investment arm that was started by the government of former Libyan leader Col. Muammar Gaddafi, who was ousted and later killed last year, during an uprising in the African oil rich nation.