LAP Green to contest any challenge to ownership of Zamtel stake

10 Jan 2012

Amid continued debate over the sale of Zambian fixed line incumbent of Zamtel to LAP Green Networks (LAP Green) of Libya, the latter is reported to be deeply concerned regarding suggestions that the Zambian government could reverse the sale. As previously reported by CommsUpdate, in November 2011 Zambia’s new president Michael Sata claimed that the sale of 75% stake to the Libyan company could be overturned after the USD257 million purchase was deemed illegal.

In the most recent development allAfrica cites newly appointed chairman of LAP Green, Wafik Alshater, as saying: ‘LAP Green is now under new leadership as part of broader changes in Libya. The new management is determined to safeguard its legally acquired assets which ultimately belong to the Libyan people, who fought a bitter war of liberation in 2011. We will pursue all options and do everything possible to retain our stake in Zamtel – a highly prestigious part of our pan-African network … We hope these reports are untrue, as this situation will not only be damaging to the telecoms industry in Zambia but would also send the wrong signal to those looking to invest in this country. LAP Green looks forward to continuing to develop Zamtel into a leading telecoms company, working with its partner in this investment, the Zambian Government.’ The executive also highlighted the success achieved by his company since taking charge of the operator, noting that Zamtel had attracted more than 400,000 new customers since LAP Green acquired it, while also adding that the Libyan investment company had committed to investing some USD129 million in Zamtel over two years.

Zambia, LAP Green Network, Zambia Telecommunications Company (Zamtel)