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Zambia aims to regain control of Zamtel
25 January 2012
Zambia dissolve operator’s board as it looks to get back control of Zamtel from Libya’s LAP GreenN
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Zambia
Libya
Zamtel
Lap Green Networks
Lap GreenN
Zambia has dissolved the Zamtel board and has named a new interim CEO, in line with its plans to gain control of a 75% share in fixed-line telephony from Libyan investor LAP Green Networks, reports Reuters.
The Zambian government has already announced its intentions to reorganize Zamtel so as to ensure that Zambians owned a majority of the operator. The country’s previous government sold the 75% interest in Zamtel to LAP GreenN for $257 million in 2010, a deal ruled as illegal by the new administration, according to Reuters.
Michael Sata, who was elected the president of Zambia in September 2011, has cancelled many transactions made during the previous administration.
Meanwhile, LAP GreenN has defended its stake saying that the transaction was made through an “open, transparent and competitive bidding process” overseen by reputed international firms, and that the process adhered to Zambia’s legislative framework.
LAP GreenN said: “We hope this situation can still be amicably resolved, and we welcome an opportunity to work with the Zambian government to achieve this.” GTB
Further reading from Global Telecoms Business:
Libya 'interested in buying Rwandatel' 09 Jan 2012
Rwandatel loses mobile licence 06 Apr 2011
LAP Green acquires Chad stake 02 Nov 2010
Libyan operator to lay fibre in Zambia 12 Oct 2010
Zambia sells Zamtel stake for $257m 07 Jun 2010