Government has officially handed over Zamtel assets to new owners LAP Green Networks of Libya.
Zamtel was sold last month to the Libyan telecommunications company for US$257 million.
Speaking during the official handover ceremony in Lusaka this morning,Finance and National Planning Minister Situmbeko Musokotwane revealed that the new Zamtel owners will inject US$62 million in its operations in the next two years.
Dr Musookotwane said government is confident that LAP Green is a strong partner in national development and will provide an improved service in the ICT sector.
He described the process leading to the sale of Zamtel as a transparent one and the best privatization exercise that government has ever carried out.
He further said that the transaction also helps government push the nation’s ICT agenda forward.
Dr Musokotwane has since assured the nation that a comprehensive statement on the sale of zamtel will be presented to parliament by Commerce, Trade and Industry Minister Felix Mutati.
And LAP Green Networks Managing Director Abdulbaset Elazzabi noted that Zambia’s economic and political stability has created an increase in foreign direct investment into the country.
He said the handover of Zamtel assets is a significant step in LAP Green Group’s intention in transforming Zambia into an ICT hub for Africa.
This is a sad day for zambia.
We need to review performance of Uganda Telecom and RwandaTel. Also need to see how ICT has been impacted. Getting rid of 2/3 of the workers alone will make Zamtel profitable overnight. That will not count.
USD 62M investment in two years sounds like pea nuts for company owing much to various banks and suppliers.
Here we go again Zamtel sold for another song.indeed this is a sad day for mother Zambia
What are the percentages kanshi bane, is it total ownership?
Next bakamishitisha ba kembo bonse ku Zed.
When we get to plot one without UPND we will renationalise this company and chase away all foreign workers there. Every Zambian will be allowed to make free phone calls to anywhere in the world.
We hope it will bring good accusation of zambians ICT.
Good luck!!!:((
Musokotwane seems to be too sure of what he is talking about and forgets that these things they do against the peoples’ wishes might come to haunt them some day. Zambia is gradually being mortgaged to foreigners while we look on helplessly. What a shame!
One day we will wake up only to discover our country is called Lyimbia
SAD DAY FOR ZAMBIA. HOW DO YOU SALE SUCH A MASSIVE ORGAN OF GOVT FOR INCOME INVESTMENT EVEN A SIMPLE GOOGLE FOR (LAP GREEN NETWORKS-LIBYA WORLDWIDE) CANNOT YIELD ANY SERIOUS INVESTMENT RESULTS. I JUST HPE ONE DAY SOME ONE WILL BE ABLE TO CARRY OUT A SUCESSFUL REVOLUTION IN ZAMBIA.-COUNT ME IN.
Every bit of Zambia’s is being sold to foreigners. Every bit.
We own nothing. We remain poor and economically colonized.
State House is up for sale $21 million dollars! u have sold everything u might as well sale the nation! *****S!
[-([-(
You keep on selling everything, eventually you will even sell the countrys’ citizens. imformation management is cardinal to a countrys’ sercurity, now you give away the countirys’ ICT backbone to a foriegn company, shame on you! will Zesco be next? surely i wouldnt be supprised! morden colonization indeed!
HAS EVERY EX STAFF MEMBER BEEN PAID THEIR DUES?
WILL THIS BE ANOTHER SOLD OUT COMPANY NOT PAYING ITS DEBTS FOR 20 YEARS?
bwa fya sorry 2 da scores of pipo who will loose jobs this is mo poverty addition 2 da already handicappd state
All the best to all former zamtel employees, may God be with you all.
:(( owee…….. twafwa mwebantu batuposa muchiswebebe…….owe…..mutule…..!!!!!
Sale sale! Next Lula will buy Zesco.
Hope RB can say Zambia Railways privatisation and ROP are still a success story.
We will get it back with no compensation!
Good for Zambia, Let the Libyians enjoy our money!
My posts aren’t getting posted.
Money paid to Zambian Treasury: $42.6 million
Why are most people lamenting over the sale of Zamtel and other national properties? You don’t all realise that the president of Zambia has to sale a national asset for him to raise money to travel abroad with his delegation. Next on the list is Lusaka province since Part of North Western and Cpperbelt are already sold out. Those with an opprtunity to run out/leave the country do so while you still can or else you shall find yourselves sold as modern SLAVES. Watch out before you find yourselves working on plantations in Brazil.
are these not the signs of dictatorship? libya investing in zambia? when are the elections?
Years back a sasafrikan organisation bought a manufacturing company my bululu worked for. First thing the new owners did was to cut up all the machinery, sent it bek to their country and sold it off as scrap. It was so so sad. Such a waste. Now all they do is produce stuff in a neighboring country and sale it here. They have very nice sales offices with a handful of employees…clever no? Let’s be honest, people are in business to make a profit, morals aside. Hey what has happened to the smiley faces…they don’t work no more. That is also sad. What a sad thread this is.
#26. Another sasafrikan company did the same here in the USA. It bought Goodman loacomotive, came here and stripped it down, gave the pile of scrap to Williams distribution to auction off and started making everything out of sasafrika selling it to the US mines. All Goodman vendors in the USA were abandoned for dead. sasafrikan companies are cannibalizing all over the world and we are playing right into it.
To Hell with you RB,tukamimona in 2011 you think you are clever than the 2300 employees,God see.My Collegues lets show the Bastard in 2011,We are many and We have dependants,I have already stared in Zambezi,and Mwinilunga.For you infor RB all Zamtel Area Managers are ready to support the Pact if the Libyians sack Us.Viva…..Pact…!
Too bad that all our Zambian companies are being sold not realising that one day,we will only have foreign companies here who might even want us to be buying in forex.But again in Zamtel,there were alot of unqualified manpower who dont even know what customer service is and what impact the competiton brought about by the other similar providers meant.As long as someone had a relative in the higher office working there,they would get a job.Most of them can not even write better english than my 10 ten year old child.What do you expect from such kind of manpower in terms of development? I hope Lap Green will recruit pipo who know what there are doing and not just every jim and jack.
..pipo of the land . am forming a political party whoz sole purpose and aim will be , after winning the elections , to hand back Zambia to the British and apologies for the things we have done to Zambia .Kenneth David Kaunda and your clique , have you seen what you have done to us ?KK you owe the Zambians an x-plation on what you were told by the Queen to do when you took over Zambia.my God look at what we have done to the things that the whites worked so hard for?
pipo wake up from your sleep and slander and face the truth . we can not manage the affairs of this
country.we dont have the technical know how. we can slave quite ok but no brains to manage ourselves.we can learn but we can not translate what we learn to our advantage. shame.
i need a vice president and a cabinet.
Ba LT,
A new MD has been appointed at Zamtel. How about an investigative piece on him ?
@ Mr K,
Its seems LT has either started getting cold feet or they are certainly trying to silence some views. I’ve also had a lot of my comments filtered out.
There is no room for the truth in this country. So sad.