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    Home»News»Troubled Zambian telco on the chopping block

    Troubled Zambian telco on the chopping block

    News By Editor15 September 2009
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    Zambian incumbent is up for saleThe Zambian government is selling a 75% stake in state-owned telecommunications firm Zamtel, in a move to privatise the
 struggling service provider, officials said on Tuesday.

    The sale of the country’s largest telecoms company,
 with estimated revenue of US$100m, is expected to draw investors from the continent and beyond.

    According to a Zambia Development Agency (ZDA) advertisement, a 
list of pre-qualified bidders would be announced on 21 October. The government would retain the 25% of the remaining 
shares.

    A senior government official said the privatisation was the
 only way of keeping the unprofitable firm afloat. “You can see that the company has been struggling for a long 
time and the only way that we can ensure that it will not fold, 
leaving people out of employment is by selling at least 75% [of the] shares,” the official said.

    The company provides Internet and data services for 161 000
 mobile phone subscribers and 95 000 mobile phone customers. It is the sole licensed provider of wholesale international
 VSat connections and voice and data services.

    Zamtel would not be the first state-owned firm to be partly 
privatised. In 2007, the government sold 49% of Zambia
 National Commercial Bank to Rabobank of the Netherlands, amid
 public protests.  — Sapa-AFP

    Zamtel
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