LAP GreenN, a wholly owned subsidiary of the Libya Africa Investment Portfolio and majority shareholder for Uganda Telecom Limited, was nominated and won in the category of ‘Growth Story of the Year’ at this year’s TMT Finance & Investment MENA Awards 2014. LAP GreenN’s CEO, Wafik Al Shater and COO, Dimitris Lioulias were both present at the dinner to accept the award. Wafik was also shortlisted in the category of ‘Outstanding CEO’ joining the likes of CEO’s from Ooredoo Group, Etisalat Group, STC and Zain Group.
In just two years LAP GreenN has shown a tremendous turnaround resulting in reductions in EBITDA losses, engaging in settlement agreements, improving corporate governance, and making debt reduction a main priority. Prior to the new executive team that took over in 2011, majority of the operating companies under LAP GreenN were found to be in a dire state and on the brink of collapse, due to the revolution in Libya, UN, US and EU sanctions, and severe funding restrictions.
“This is a great honor and remarkable win for the LAP GreenN team and our OpCos throughout Africa, the collective efforts of our board, executive teams, and employees made this achievement possible,” said Wafik Al Shater, Group CEO, LAP GreenN. “Our team continues to face challenges and provide opportunities in difficult circumstances. In 2013 alone we increased our revenues by over 25% in two of our OpCos and reduced debt by 40% across the board. Many of these great feats would not be possible without our shareholders continued support even under difficult circumstances.”
