Zambia keeps four suitors for stake in Zamtel

Zambia pressed ahead with a process to sell a majority stake in fixed-line phone group Zamtel, despite opposition criticism, and shortlisted all four bidders for a 75 percent holding.

Zambia, which is selling the stake in Zamtel in a bid to turn the group around, shortlisted four suitors for the next round of bidding due next week.

India's BSNL, Angola's Unitel, Libya's LAP Green Networks and Russia's Altimo all submitted bids.

The sale has been criticised by opposition politicians and trade unions, who say Zambians should hold a bigger stake in the company.

Muhabi Lungu, Acting Director-General of the Zambian Development Agency, said opposition criticism of the proposed sale was unpatriotic and could scare off potential investors.

 

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