Monday, July 19, 2010
Zamtel Spends US$34 Million In Fibre-Optic Project
The investment figure was revealed by Transport and Communications Deputy Minister Mubika Mubika in Parliament, who in responding to questions about the telco’s future spending plans noted that it remained unclear whether Libya’s LapGreen Networks, which recently acquired a 75% stake in Zamtel, would continue the current fibre rollout project.
LapGreen Networks submitted a USD257 million for the majority stake in Zamtel, and it was announced last month that it had beaten out bids from Russian telecoms investment firm Altimo and Unitel of Angola for the majority holding to win the holding. The government meanwhile has retained the remaining 25% stake, although it may sell this at a later stage through an initial public offering on the Lusaka bourse.