Government Hands Over Zamtel To New Investor

The Zambian government has handed over the 75 percent shares in Zamtel to the new owners Libya’s telecommunication firm Lap Greenn. This means that government now owns only 25 percent shares in the country’s telecommunication firm.

Speaking during the handover signing ceremony Finance and National Planning Minister, Situmbeko Musokotwane hoped the sale of the shares will save the firm from collapse.

Dr. Musokotwane says government’s aim is to see to it that Zamtel gets its place in the telecommunication business.

The Finance and National Planning Minister adds that the sale of seventy five percent shares in Zamtel is further aimed at pushing forward government’s agenda in developing the communication sector.

And LAP Greenn Managing Director, Abdulbaset Elazzabi disclosed that his firm will only retain the required work force. Dr. Elazzabi says the firm will carry out an evaluation exercise of all staff at Zamtel. He says Lap Greenn aims to put Zamtel on the same footing with other big telecommunication firms.

Present at the handover signing ceremony where National Union of Communication Workers officials who included union President, Patrick Kaonga. Mr. Kaonga tells Muvi TV News that his union is optimistic government will honor its pledge to provide land to the workers to be retrenched in the reorganization process of Zamtel.

He is also confident that Lap Greenn will look in to the workers’ welfare.
Lap Greenn has pledged to pump 257 Million US Dollars in to the embattled telecommunication company.

The Libyan firm has its presence in seven other African countries and has set aside over 117 Million US Dollars towards various employees’ benefits while 64 Million US Dollars will be injected into the operations of the firm.

Muvit TV

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