Zambia denies reports of selling telecommunication firm

Telecom Towers
Telecom Towers

The Zambian government on Friday denied reports that it plans to sell the state-owned telecommunication firm, Zamtel, as it was facing liquidity problems.

Mutale Nalumango, the Vice President, said the government has not made any decision to sell the company even though the government was of the view that the company needed recapitalization.

She said the firm was in a competitive industry and recapitalization would enable it to compete favorably in the market.

Last week, Felix Mutati, the Minister of Science and Technology, said the company was currently making losses and requires about 265 million U.S. dollars in order to survive.

In 2010, the government decided to sell 75 percent of Zamtel to Libyan firm LAP Green Networks but the decision was reversed in 2012. Enditem

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