FINANCIAL NEWS

Libya buys majority stake in Chad telecom firm

02 Nov 2010

(MENAFN) Libyan state-owned firm LAP Green Network signed a deal to buy a majority stake in Chad’s Sotel telecoms firm for $90 million, the latest in a series of African investments by Libya, Reuters reported.

The Libyan firm, which is owned by sovereign wealth fund the Libyan African Investment Portfolio, owns or controls telecoms operations in eight African countries.

The deal to buy a 60 percent stake in state-owned Sotel Tchad, was signed during a visit to Chad by Libyan leader Muammar Gaddafi, who is there to attend a conference on Africa’s dwindling water resources.

He said his firm would develop Chad’s mobile and fixed line networks and planned to connect Chad to fiber optic cables, which would make high-speed Internet and mobile phone data services more widely available.

Libya emerged from decades of international isolation when sanctions were lifted six years ago and has since then used revenue from oil exports to accumulate about $65 billion in its sovereign wealth funds.

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