Libya African Investment Portfolio (LAP) Green Networks will pay $394 million to purchase Zambian national telecom Zamtel. LAP also controls 80% of struggling Rwandatel which it acquired in September 2008 for $100 million.
(LAP) Green has agreed to pay $257 million for the 75% equity in Zamtel and an additional $62 million for a network expansion programme, while $75 million will go towards the taking over of government guarantees, according to media reports.
“In total, therefore, their total commitment to Zamtel is $394 million. The government will retain 25 percent of Zamtel, and will continue to have an active role in management and direction of the company going forward, retaining two seats on the board out of a total of seven, and veto rights relating to certain key decisions,” said Zambian finance minister Dr Situmbeko Musokotwane.
LAP Green has operations in six African countries including Niger, Uganda, Rwanda and Ivory Coast.
