LIBYAN COMPANY BUYS UTL IN UGANDA

Mergers, Acquisitions and Financial Results

Libya Africa Portfolio's (LAP) Green Com has acquired majority shares in Uganda Telecom (utl). Sources revealed that the company, the investment arm of the Libyan government, acquired 51% shareholding in utl after buying out UCOM.

UCOM is the consortium that owned a 51% stake in utl. The remaining shares are owned by the government of Uganda. "The deal is done. LAP Green Com has bought into utl. The process is being finalised and once concluded, it will be announced," a source explained.

Last year, South Africa's largest landline company, Telkom South Africa, was in the process of buying into utl when it pulled out. Sources disclosed that the Libyan company would invest a substantial amount of money to expand utl and improve its services.

Investment State minister Prof. Ssemakula Kiwanuka could not comment on the utl deal. "I have no information to that effect. I do not give comments on issues that I have no information about," he said.

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