Zambia plans to sell up to 75% of state-owned telecoms group Zamtel as part of a push to privatise state assets, reports Reuters citing the country’s development agency. The Zambia Development Agency said in an advertisement placed in South African financial daily Business Day that prospective bidders were invited to place bids to qualify for the equity stake. The agency said up to 75% of Zamtel would be offered for sale, while the government would retain a 25% stake which it may sell at a later stage through an initial public offering on the Lusaka bourse. The long-planned privatisation of Zamtel has been criticised by opposition parties who said Zambians should be allowed to hold a bigger stake in the company.
Zamtel is Zambia’s only licensed fixed line provider of voice and data telecoms services. Its revenues for 2008 were ZMK370 billion (USD100 million).