Zamtel: President issues reassurances

BUSINESS

-
Image: Zambian President Michael Sata. By BiztechAfrica
Zambian President Michael Sata

Zambian President Michael Sata is seeking to calm foreign investors and Zamtel workers in light of the debate over the Zamtel sale.

Zamtel was a state-owned entity until Libya’s LAP Green Networks took a 75% stake in the telco in 2010. An official report on the sale, made public this year, says there were irregularities in the process.

The report said LAP Green had failed to meet three key conditions for the sale, relating to the time it had been operational in Zambia, the number of registered subscribers it had, and a minimum shareholders’ equity or market capitalisation.

Heated debate and speculation followed, with reports that the sale could be reversed.

Criticising reports that spread “alarm and despondency”, the President has assured foreign investors that Zambia remains a viable investment destination. He noted that the country was peaceful, stable and committed to the rule of law.

He also told Zamtel’s employees that while a reversal was possible, Zamtel remained a viable entity. He said any uncertainty was temporary, and that government action on the matter would be in their best interests.

Referring to news that some Zamtel accounts had been frozen, the President said if accounts had been frozen, it was in the public interest.



Share the News

Get Daily Newsletter

comments powered by Disqus

MORE BUSINESS NEWS

Further African expansion for Phoenix

Phoenix Distribution, a leading broad-based distributor on the African continent, has expanded its office in Nairobi, Kenya, in a move to better serve its partners in East Africa.  Read More

Garmin seeks business partners in West Africa

Garmin is hosting a trade delegation in Accra, Ghana from the 12th to 16th May 2014. Read More

Orange Telkom not closing Kenya business: Ghossein

Speculation that Orange Telkom Kenya would be closing its Kenyan operations has been put to rest. Read More

Dimension Data enters Ghana’s IT market

Dimension Data, a South Africa-based ICT solutions and services provider, has announced its entry into the Ghanaian ICT market. Read More

Glo rewards business partners

Globacom has showered 53 high-end vehicles and other prizes on its trade partners responsible for distributing Globacom’s products and services across Nigeria. Read More

Worldwide PC shipments decline

Worldwide PC shipments totalled 76.6 million units in the first quarter of 2014, a 1.7 per cent decline from the first quarter of 2013, according to preliminary results by Gartner Read More

Axis Solutions becomes first VMware Premier Partner in the WECA Region

Axis Solutions, a Pan-African ICT solutions provider headquartered in Harare Zimbabwe, is the first VMware partner to become a Premier Partner within the WECA region.   Read More

Nigeria to spur Oracle's African drive

Oracle Corporation has assured that Nigeria will be the centerpiece of its developmental drive in Africa. Read More

Pivot East nurtures promising startups

Pivot East, an innovative mobile web competition geared towards nurturing the growing ICT talent in East Africa, is providing an ideal platform to grow mobile web startups. Read More

Phoenix Distribution unveils new, interactive website

Phoenix Distribution, currently the leading value added software and CES distributor across the African continent, has redesigned its website, making it easier to use for clients and partners alike. Read More

PRESS OFFICES

Sage ERP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionSage HR AfricaMTN Business

FEATURED STORY

Kenyan shift to Green Economy would generate USD 45bn by 2030 Kenyan shift to Green Economy would generate USD 45bn by 2030

Kenya’s transition to a green economy could produce major economic benefits  equivalent to an estimated USD 45 billion by 2030, a new  study shows.

IN DEPTH

E-waste threatens Ghana’s beachesE-waste threatens Ghana’s beaches

Many beaches in Ghana, already stressed by pollution and poor maintenance, are now facing a new threat: e-waste.

COMPANY NEWS

Further African expansion for Phoenix

Phoenix Distribution, a leading broad-based distributor on the African continent, has expanded its office in Nairobi, Kenya, in a move to better serve its partners in East ...