Lebanese company buys into Gambia telecoms
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.
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