Finance and National Planning Minister, Dr. Situmbeko Musokotwane has said the sale of Zambia Telecommunications Company (Zamtel) was being done in the interest of the public, as the company has great economic value, which was being inhibited by financial challenges.

Dr. Musokotwane said government was looking for a serious equity partner who could increase the company’s efficiency and contribution to economic development, and people should give time to the Zambia Development Agency to complete the transaction without frustrating its efforts.

The Minister said the Zambia Development Agency Act provided specific guidelines on the privatisation process to enhance transparency, which have been followed by the Agency throughout in the sale of Zamtel.

Speaking on Radio Phoenix, Dr. Musokotwane said the issue of RP Capital that some people were raising was taken to court and resolved and time had come for the actual sale of the company to take place. He said government recognised the strategic importance of Zamtel and was taking due care to entrust it into right hands.

“Zamtel is as of strategic importance to Zambia as the mines, which we privatised, hence government was carefully selecting an equity partner into the sale of the company to ensure that a right partner buys equity shares into the company,” he said.

The Minister said the financial status of Zamtel demanded that majority shares were sold to an equity partner to help recapture the company’s actual value to the economy and help reduce the cost of doing business being that ICT was at the epicentre of business.

“The current financial position of Zamtel demanded that a large percentage is given to a serious investor who can help to recapture the economic potential of the company and contribute to people’s welfare through its supplementary economic effects to business,” Dr. Musokotwane said.

Dr. Musokotwane said government and the equity partner in the company will then float their shares on the Lusaka Stock Exchange to enable Zambians participate in the telecommunications business.

The minister has urged critics to the sale of the telecommunications company to give time to the agency mandated by law to privatise parastatals without making prejudicial conclusions.

“Some people opposed the sale of Zambia National Commercial Bank (ZANACO), and organised protests, but now we are seeing the fruits of that transaction from the facelift the company has been given by its new owners,” he said.