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

Safaricom tops best managed company list

Safaricom has been named the ‘Best Managed Company in Kenya’ by leading market analysts. Read More

Equity Group appoints Bhartesh Shah as COO

Equity Group Holdings has announced the appointment of Mr. Bhartesh Shah to the Chief Operations Officer (COO) position. Read More

The nine top trends in CEM today

Customer experience management that genuinely enhances customer ‘stickiness’ depends on new strategies and now mindsets, says Frost & Sullivan. Read More

MTN, former ATCON chief disagree over naira devaluation

MTN Nigeria and a former president, Association of Telecoms Companies of Nigeria (ATCON) have disagreed over further devaluation of the naira. Read More

MTN Business launches Supplier Development Programme in Mpumalanga

MTN Business has reaffirmed its commitment to develop small and medium-sized enterprises (SMEs) within Nelspruit by extending its Supplier Development Programme (SDP) and Accelerator Programme (AP), the company’s enterprise development initiatives, to the Mpumalanga Province of South Africa.  Read More

VMware appoints Senior Vice President and GM of EMEA

VMware, a global leader in cloud infrastructure and business mobility, today announced the appointment of Jean-Pierre Brulard as Senior Vice President and General Manager of EMEA.  Read More

InfoGraphics chief urges investment in tech start-ups

The Managing Director of InfoGraphics Nigeria, Chinenye Mba-Uzoukwu, has urged wealthy Nigerians to invest in tech start-ups. Read More

Convergence Partners acquires stake in Nigerian Fintech firm

Convergence Partners has announced an investment of $20m for a strategic, minority stake in Venture Garden Nigeria. Read More

MTN Business augments its management team further with key strategic appointment

MTN Business SA has appointed an industry veteran, Mariana Kruger, as General Manager of Private Sector.  Read More

SA Competition Tribunal approves Telkom-BCX merger

Business Connexion Group Limited has announced that the Competition Tribunal of South Africa has approved the proposed merger between Business Connexion Group Limited ("BCX") and Telkom SA SOC Limited ("Telkom") with the imposition of conditions. Read More

PRESS OFFICES

Sage ERP AfricaSAP AfricaSage Pastel AccountingTrust PayVMWareSamsung ElectronicsMitsumi DistributionPhoenix DistributionMTN BusinessSchneider ElectricMultichoiceMicrosoft 4Afrika

FEATURED STORY

Young innovators shine during pitch sessionsYoung innovators shine during pitch sessions

Botswana saw an array of upcoming tech wizards selling their ideas during the Vendors’ Day pitch sessions this week.

IN DEPTH

High tech homes: Just press playHigh tech homes: Just press play

High tech, digital homes where everything is automated and connected aren’t the stuff of science fiction any longer, says BNC Technology.