The Zambia Development Agency (ZDA) last week received three binding bids for Zamtel on March 12, 2010, the closing date for submission of the bids.

Binding offers have been received from Altimo Holdings / VimpelCom of Russia, LAP Greencom Ltd / LAP Green Networks of Libya, and Unitel / Angola Cables of Angola.

The three bids are second round offers for up to 75% of the equity of Zamtel, and follow first round bid submissions, which were received on December 23rd, 2009.

Commenting on the bids, Mr Andrew Chipwende, Director General of the ZDA said: “The privatisation process has so far gone very well and we are pleased to see such experienced and competitive participants show a continued and increasing interest in Zamtel. All of the bidders are respected telecommunications companies, with considerable experience in emerging markets and any one of the three would make a strong partner for Zamtel.”

All the three bids will be reviewed and assessed by the ZDA and its advisors. The process is expected to last approximately two weeks. The ZDA will invite the preferred bidder or bidders to enter into negotiations in Lusaka with an independent negotiating team to be appointed by the ZDA Board.

The announcement of the preferred bidder or bidders who are invited to participate in negotiations is expected on or around 29th March 2010. Negotiations are due to commence shortly thereafter.

Details of all the bids and subsequent negotiations remain confidential while the Zamtel privatisation process is ongoing. The closing of the partial sale of Zamtel is expected by the end of the first half of the year.