LAP Green Networks, has announced that it has set aside close to $2.2 bn to expand its current operations and fund future acquisitions in the next two year.
The subsidiary of the Libya Africa Investment Portfolio (LAP), which owns majority shares in Rwandatel and Uganda’s UTL, also says that it is moving towards re-branding all its Pan-African networks under the ‘GreenN’ brand.
“We have currently been short-listed to bid for licenses in Zambia (ZAMTEL), Benin (Benin Telecoms) and Guinea Conakry (SOTELGUI). The money will help us in all this,” Stella Mwiti, the Executive Assistant to the Group’s CEO told Business Times last week.
She added that the Group recently acquired GEMTEL of Southern Sudan and that they are pursuing operating licenses in Tanzania, Zimbabwe and DR Congo among others.
“Within at least the next two to three years after we have acquired a substantial footprint across the continent (Africa), we shall then begin the implementation of the “one brand, one network” strategy,” Mwiti explained.
Currently, the Group has over 4 million subscribers with a target of 12 million from 13 commercial operations by 2012.
Green’s appetite for other telecoms was further induced by the signing of a $300 million financing deal with the Industrial and Commercial Bank of China (ICBC) last year.
This year LAP has so far sunk $97.4 million (Rwf55.3 billion) in Rwandatel part of which will be used to finance the construction of some 400 housing units in Kicukiro, Kigali. .
The 200 apartment blocks and 200 high standing villas will be called “GreenN Village”.
LAP also has plans to venture into other economic sectors in the country most especially in tourism, mining and agriculture.