Mr. Sata has said that there is no need to sell the ZAMTEL shares to foreigners.
He said that all Zambians who have accounts (subscribers) to Zamtel land lines and mobile services should be given preferential treatment in buying shares.
He said there are numerous such Zambians who have money and when the money is put together, it is enough to recapitalize ZAMTEL.
He said selling the shares to foreigners will be tantamount to stealing the life long ‘sweat’ of Zambians.
President Rupiah Banda announced Friday that government has resolved to sell 75 cent shares of the Zambia Telecommunications Corporation (Zamtel) to a private equity partner and retain 25 per cent shares to enable the company operate profitably.
President Banda said Zamtel needs about US200m to recapitalize it and if that is to be done, it would mean cutting funds from social services such as health and education which is not a better option than privatizing the institution.
He said government will hold the 25 percent and possibly later sell them to the public through the Lusaka Stock Exchange.
He added that government will also ensure that the workers who will be retrenched as a result of the privatization are given reasonable packages that will help them sustain their lives while those who will remain should be given better conditions of service than what they are given currently.