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(LUSAKATIMES) Libyan Telecommunications firm gets 75% shares in Zamtel

Libyan Telecommunications firm gets 75% shares in Zamtel
Saturday, June 5, 2010, 21:52

A Libyan telecommunication firm has bought seventy five percent shares in Zamtel. 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.

Speaking after the singing of the transaction documents of the sale and purchase agreement, the shareholders agreement and other documents in Lusaka, 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 further explained that Lap Green has agreed to provide sixty two million US Dollars in additional funding.

He said the sixty two million US dollars will be part of Zamtel’s network expansion programme.

The Finance Minister also said that Lap Green will provide a further seventy five million US Dollars in taking over government guarantees relating to network expansion projects.

He noted that this would bring the total amount to three hundred and forty three million US dollars.

Dr. Musokotwane also disclosed that LAP Green has assured the Zambian government that a substantial part would be allocated to the settlement of full redundancy package for the two thousand three hundred and forty one Zamtel employees as agreed by the unions.

He,however, said some workers would be rehired.

Lap Green was one of the four telecom firms that qualified in the last part of the bidders of the country’s telecommunication firm.

The Zambian government has,however, remained with twenty five percent of shares in the telecommunication firm.

And Communication Minister Professor Geoffrey Lungwangwa said the coming in of Lap Green would enhance the development of Information Communication and Technology (ICT) in Zambia.

LAP Green group Chief Executive Officer Abdulbassat Elzzabi said his firm that has a total investment of five billion US dollars will ensure that Zamtel becomes a force to reckon with.

[ MUV TV ]

Labels: CORRUPTION, LIBYA, PRIVATISATION, SITUMBEKO MUSOKOTWANE, ZAMTEL

posted by MrK @ 12:07 AM