Libya’s LAP to buy 75 percent of Zamtel
Libya’s LAP Green
Networks is to buy 75 percent of Zambian fixed-line phone operator
Zamtel for $257 million, Finance Minister Situmbeko Musokotwane said on
Saturday.
“LAP Green Networks
is exactly the sort of partner we were looking for when we started this
process well over a year ago,” he told a news conference to announce
the results of the sale of the stake in Zamtel, which has performed
poorly despite having a monopoly.
LAP would lay off
all Zamtel’s 2,341 staff before rehiring a “significant portion” of the
workforce, Musokotwane said. Angola’s Unitel was the other short-listed
bidder. Opposition politicians and trade unions have criticised the
sale, saying Zambians should hold a bigger stake in the company.
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