LIBTELCO Buys Novafone GSM Company

By George Watkins

492829881The Managing Director of the Liberia Telecommunication Corporation LTA with brand name LIBTELCO has confirmed to mews men in Monrovia that his institution LIBTELCO is in an acquisition deal with NOVAFONE Liberia at the value at nearly Ten Million United States Dollars (US$ 10, 000, 000).

Mr. Sebastian Muah, Managing Director yesterday in an interview with newsmen in Monrovia said his company is ready and currently going through other compliance mechanism with the government of Liberia and will subsequently paid the sum of US$7,000,000 (Seven Million United States Dollars in its bid to acquire 100% in share holding with Novafone, whilst the balance Three Million United States Dollar will be paid the NOVAFONE in twenty four working Months period.

LIBTELCO is Liberia’s National Telecommunication Operator. The company was formed to be a premier provider of telecommunications services in Liberia entrusted to provide basic telecommunications services to the Government and the people of Liberia.

The deal comes just weeks after the acquisition of another local cellular phone company, Cellcom Liberia by Orange Group via its Orange Cote d’Ivoire.

Mr. Muah furthered, that the LITELCO look forward to achieving this acquisition in the soonest time period as discussions in others aspects of the deal are currently being finalized. He said his institution will be in a better financial standing if it acquire the assets of an all ready existing cellular company and do business instantly then procuring and building a new net work which will take more time, money and planning.

Muah said once the deal is done LIBTELCO will make voice call and SMS a priceless commodity in the cellular industry. He said customers will only have to ensure a data in their communications gadgets which automatically open the lines to make limitless calls within the NOVAFONE network.

Asked if his institution does have the finances at present at their disposal to disburse, Muah said, “Yes, the money is available as soon as the others aspects of the deal are done, we will provide the finances as stated”.

 

 

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About Cholo Brooks 14517 Articles
Joel Cholo Brooks is a Liberian journalist who previously worked for several international news outlets including the BBC African Service. He is the CEO of the Global News Network which publishes two local weeklies, The Star and The GNN-Liberia Newspapers. He is a member of the Press Union Of Liberia (PUL) since 1986, and several other international organizations of journalists, and is currently contributing to the South Africa Broadcasting Corporation as Liberia Correspondent.