LAP Green Network, the telecoms holding company owned by the Libyan African Portfolio (LAP), has reported ‘subscriber growth across the board’ for 1Q14, without breaking out specific customer metrics. As things stand, LAP Green has fully operational subsidiaries in Uganda (Uganda Telecom Ltd [UTL]), Cote d’Ivoire (GreenN Cote d’Ivoire) and Gemtel (South Sudan), while Ambitel is gearing up to launch in Sierra Leone.
In the inaugural issue of company newsletter ‘GreenN Shoots’, published earlier this month, CEO Wafik Shater noted: ‘Despite very challenging market conditions, including a civil war in South Sudan, our OpCos [operating companies] continue to perform well, with subscriber growth across the board in Q1 2014. Notably, for our financial year ended 31 December 2013, revenues increased by over 25% [at] two of our OpCos, and likewise, two OpCos continue to record notable EBITDA improvements. Commendably, the group’s external net indebtedness has reduced by 40%’.
He added that LAP Green has also inked a fourth settlement with a long-term vendor, following previous agreements with the likes of Huawei and Tecnotree last year. Shater notes: ‘We continue to work tirelessly to settle all our historical debts, and place significant emphasis on governance and transparency’.