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ZAMBIA has frozen Libyan 75 percent shares in Zamtel

LAP Green shares frozen
By DARLINGTON MWENDABAI

ZAMBIA has frozen LAP Green Network’s 75 percent shares in Zamtel in conformity with the international community’s decision to freeze all assets belonging to Libya following the unrest in the Arab country, Zamtel managing director Hans Paulsen said in Lusaka on April 15.

The international community has been freezing some Libyan assets dotted across the globe. Mr Paulsen said Zamtel will not be affected by the new development and there is no need for customers to worry.

He said Zamtel will continue to operate normally and Government will oversee the affairs of the telecommunications company. Lap Green held 75 percent shares in Zamtel while the Zambian government is a minority shareholder with 25 percent.

Mr Paulsen was responding to questions from journalists during a media breakfast at which the company unveiled a new Zamtel brand and logo dubbed Live Life Today at the Taj Pamodzi Hotel in Lusaka.

“I can confirm that Lap Green’s 75 percent shares in Zamtel have been frozen, just like the Minister of Finance and National Planning [Situmbeko Musokotwane] intimated to Parliament recently. This means Zamtel will not have to touch the shares for now,” he said.

He said no dividends will be paid out at the moment until such a time when the matter is resolved but he was, however, optimistic that Government, which owns 25 percent in Zamtel, will help to ensure that the company’s operations are not affected.

He said the continued unrest in Libya will not have an impact on the operation of the company and its market share.

In a ministerial statement last month, Dr Musokotwane said the UN Security Council resolutions 1970 and 1973 were likely to affect Lap Green’s shareholding in Zamtel but would not affect the operations of the company.

Dr Musokotwane assured the nation that freezing Libya’s stake in Zamtel would not affect the operations of Zamtel but the shareholder, Lap Green.

“There is a likelihood that the shares in Zamtel held by Lap Green are covered by the UN Security Council resolution 1973 and those shares are likely to be frozen,” DrMusokotwane told Parliament then.

“My Government will ensure compliance in the management of these assets in line with the UN resolutions in the same manner as set out in connection with the shareholding in Zamtel,” he said.

In a ministerial statement last month, Minister of Finance and National Planning Situmbeko Musokotwane said the UN Security Council resolutions 1970 and 1973 were likely to affect Lap Green’s shareholding in Zamtel but would not affect the operations of the company.

Dr Musokotwane assured the nation that freezing Libya’s stake in Zamtel would not affect the operations of Zamtel but the shareholder, Lap Green.

“There is a likelihood that the shares in Zamtel held by Lap Green are covered by the UN Security Council resolution 1973 and those shares are likely to be frozen,” DrMusokotwane told parliament then.

“My Government will ensure compliance in the management of these assets, in line with the UN resolutions in the same manner as set out in connection with the shareholding in Zamtel,” he said.

And Zamtel has launched a new brand logo dubbed, “Live Life Today” which replaced old brands Cellz and Zamtel on-line effective on April 15.

“Zamtel has three brands that required supporting in the market namely Cellz, Zamtel and Zamtel on-line. As you know, supporting multiple brands effectively in a market is costly as opposed to having a monolithic brand,” he said.

Mr Paulsen said to achieve that, a market study last year was conducted by Steadman Group, in which customers referred to the old Zamtel brand as poor, old, boring and tired.

He said the old brand prior to the privatisation of the company lacked customer appeal and resonance and needed a visual revamp and repositioning.

“The company is here to stay and will give the Zambian populace the best telecommunication solutions. In the next five years, the company will grow its market share to 25 percent,” he said.

Currently, the company has remained with 20 kilometers to finish putting up a fibre network heading to the Southern Province, following the completion of similar works on the Copperbelt.

Once the fibre network has been laid down, subscribers will continue to enjoy telecommunication services immediately, at affordable rates as the new brand states.

And Zamtel has launched a new brand logo dubbed Live Life Today, which has replaced old brands Cellz and Zamtel on-line effective yesterday.

“Zamtel has three brands that require supporting in the market namely Cellz, Zamtel and Zamtel on-line. As you know, supporting multiple brands effectively in a market is costly as opposed to having a monolithic brand,” he said.

Mr Paulsen said to achieve that, a market study last year was conducted by Steadman Group, in which customers referred to the old Zamtel brand as poor, old, boring and tired.

He said the old brand prior to the privatisation of the company lacked customer appeal and resonance and needed a visual revamp and repositioning.

“The company is here to stay and will give the Zambian populace the best telecommunication solutions. In the next five years, the company will grow its market share to 25 percent,” he said.

Currently, the company has remained with 20 kilometres to finish putting up a fibre network heading to the Southern Province following the completion of similar works on the Copperbelt.

Once the fibre network has been laid down, subscribers will continue to enjoy telecommunication services immediately at affordable rates as the new brand states.

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