Equatorial Guinea Accelerates TELGESA Formation Ahead of October Deadline

H.E. Teodoro Nguema Obiang Mangue, Vice-President of the Republic, in charge of National Defence and State Security, chaired a meeting this Friday with the Prime Minister, the heads of Telecommunications, GECOMSA and the State Attorney’s Office to review the progress in the constitution of TELGESA, the new company planned together with the investment group EGSA LOITA.

During the meeting, the pending issues to formalise the agreement were examined, especially the valuation of GECOMSA’s assets, necessary to determine the participation that will correspond to the State in the future company.

In this regard, the Vice President has instructed the Telecommunications Department to expedite the delivery of documentation to KPMG, which is responsible for evaluating GECOMSA’s facilities, equipment and other assets, including its 84 telecommunications towers.

This assessment will provide an objective basis for the value of the company and will make it easier for both parties to have the necessary information before closing the agreement.

Likewise, H.E. Nguema Obiang Mangue has urged those responsible involved to strengthen coordination to resolve pending issues and move towards the signing of the agreement before the end of October.

The planned collaboration with EGSA LOITA aims to modernize telecommunications in Equatorial Guinea and improve the telephone and internet services received by the population.