The Libya Africa Investment Portfolio (LAP), the Uganda Telecom parent company, will invest at least $125 million in , Zamtel. LAP GreenN, the group’s telecom arm, recently acquired the operations of Zamtel.
Mr Hans Paulsen, the newly appointed chief executive officer of Zamtel told Daily Monitor in Kampala last week that the money will be invested in the telecom operations in the next two years under the LAP Green Network. He said: “The investment will mainly go into restructuring the company; acquiring new technology, building a 3G network, extending network coverage and at the same time re-launch the brand.”
The plan comes on the back of LAP’s 75 per cent stake in the company leaving the Zambian government with a 25 per cent interest. The investment will also reinforce LAP’s ambitious plan of increasing Zamtel’s subscriber base from 300,000 mobile phone and landline subscribers to 1 million subscribers by the end of 2010. Mr Paulsen said: “Our target is to cross the one million mark before the end of the year.”
LAP GreenN has operations in eight African countries including; Uganda, Rwanda, Niger, Ivory Coast, Zambia, South Sudan, Sierra Leone, and Togo. It has a total subscription platform of 5.2 million customers compared to MTN’s 100 million plus and 42 million for Zain Africa operations.