Sites: Africa, Marketing, Medical, Retail
Marketing community of West Africa
Marketing> Advertising, Branding, Cinema, CRM, CSI, Design, Design Indaba 2009, Digital, Direct Marketing, Education & Training, Eventing, Exhibitions, Magazines, Media, Mobile, Newspapers, Online Media, Out Of Home, Printing, Production, Promotions, Public Relations, Radio, Recruitment, Research, Retail, Sales, Sponsorship, The Loerie Awards 2009, TV, Youth Marketing, 2010 FIFA World Cup
Articles
Mobile Articles

Lebanese company buys into Gambia telecoms
By: Musa Saidykhan

It has been confirmed that 50% of both the Gambia Telecommunication Company Ltd (GAMTEL) and Gambia Cellular Telephone Company (GAMCEL) have been sold out to a Lebanese-owned company, the Spectrum Investment Group Ltd.

Despite frantic efforts, officials of Spectrum Investment Group Ltd and the government would neither confirm, nor deny the story.

The deal was shrouded in mystery, as directors of both GAMTEL and GAMCEL had no prior knowledge of what it was all about until they were informed by the Minister of Information and Communication, Nenneh Macduall-Gaye early this week.

It was not clear whether the managing director of GAMTEL, Katim Touray, who was on a visit to South Africa, was aware of the sale.

"The minister broke the news to us at a meeting of directors in her office. We were shocked to the bone because this means that our telecommunication sector will totally fall under the hands of Lebanese," said a director who asked for anonymity.

Spectrum Investment Limited owns huge shares of both AFRICELL and COMMIUM - The Gambia's private mobile telephone service providers.

The sale was finalised on 1 August 2007 and Detecon, a German company, has been assigned by Spectrum to oversee its 50% shares.

According to reports, the board of directors of GAMTEL and GAMCEL, have been dissolved. The companies are said to be in joint discussions for new management strategies with their new partner.

Since its establishment in 1984, GAMTEL was ranked among the best telecommunications companies in Africa in terms of quality and profitability. But in recent years the company's progress has been hampered by persistent political interference and corruption scandals.

Published courtesy of


[14 Aug 2007 14:37]

 SEND TO A FRIEND  |   PRINT

 
Comment on this
 


Share this page (Tell me more)


 





Receive free email newsletter
 
Tell a friend about us
 
CONTACT US | ABOUT US | SEND US NEWS | ADVERTISING RATES | sales@bizcommunity.com | +27 (0)21 680 3500
All rights reserved. © 2008. Bizcommunity.com, its sponsors, contributors and advertisers disclaim all liability for any loss, damage, injury or expense that might arise from the use of, or reliance upon, the services contained herein. Privacy policy, Terms of Use.
Connected by: Uninet