75 percent shares in Zambia’s state owned telecommunication ZAMTEL have been bought by a Libyan telecommunication company LAP Green Networks.
The 75 percent shareholding has been purchased at a cost of 343 million United States dollars after the Libyan firm beat Angola’s UNITEL which was also short-listed to buy the majority shareholding in the Zambian communication firm.
Zambian Finance and National Planning minister Dr. Situmbeko Musokotwane expressed satisfaction with the price at which the country’s telecommunication firm has been sold.
Dr. Musokotwane stated that Lap Green will also provide sixty two million US Dollars in additional funding as part of ZAMTEL’s network expansion programme.
The Finance Minister also indicated that Lap Green will provide a further seventy five million US Dollars in taking over government guarantees relating to network expansion projects.
Lap Green has agreed to pay a total consideration of two hundred and fifty seven million United States dollars for seventy five percent of the equity in ZAMTEL, which values hundred percent of the equity in the company.
“What we want ultimately is a successful, sustainable and profitable Zamtel, very different from the Zamtel that we see today,” he said.

And Dr. Musokotwane also disclosed that LAP green will settle the full redundancy package for the 2,341 ZAMTEL employees as agreed by the unions although some workers are expected to be rehired.
The minister was speaking after the signing of the transaction documents of the sale and purchase agreement as well as the shareholders agreement and other documents in Lusaka, on Saturday, 5th june 2010.
Meanwhile, Zambia Communications and tranport Minister Professor Geoffrey Lungwangwa said the coming in of Lap Green will enhance the development of Information Communication and Technology-ICT in Zambia.
And LAP Green Group Chief Executive Officer Abdulbassat Elzzabi says his firm which has a total investment of five billion US dollars will ensure that Zamtel becomes a force to reckon with.
The Zambian government has now remained with twenty five percent of shares in the telecommunication firm.
Ends.

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