Zamtel shareholder dismisses sale rumours

8 November 2019

Mergers, Acquisitions and Financial Results

Zambia’s Industrial Development Corporation (IDC), the government’s investment arm and the holder of its stake in Zambia Telecommunications Company (Zamtel), has dismissed press reports which had suggested the state is planning to sell its stake in the telco to India’s Bharti Infratel.

According to the Lusaka Times, in reaction to the rumours, IDC chief executive Mateyo Kaluba was cited as stating that his company was not, and has never been, in discussions with Bharti Infratel – or indeed any other entity – with regards to the possible sale of Zamtel.

Source: Lusaka Times