Libya’s LAP Green buys $257m stake in Zamtel

06 Jun 2010

(MENAFN) Zambian Finance Minister Situmbeko Musokotwane said that Libya?s LAP Green Networks has agreed to pay $257 million for 75 percent of Zambia Telecommunications Corp., Reuters reported.

LAP Green also agreed to provide $62 million to finance part of Zamtel?s network expansion and to guarantee $75 million in loans, Musokotwane said in the capital, Lusaka.

LAP Green beat Unitel of Angola after both companies were selected in April as the preferred bidders.

Zamtel, as the company is known, has 161,000 mobile subscribers and 95,000 fixed-line customers, the Zambia Development Agency said in September. The government sold a majority stake after an attempt to sell 25 percent in 1999 failed to attract international investors.

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