The four companies vying for the sale of 75 percent of shares in Zambia's troubled telecommunication firm Zamtel have successfully proceeded to the second round of bidding, the Times of Zambia reported on Thursday.
The Zambian government wants to sell 75 percent of shares of its troubled telecommunication firm to a strategic equity partner which will
recapitalize its operations.
Zambia Development Agency (ZDA) acting Director-General Muhabi Lungu said in Lusaka on Wednesday that all the bidders would proceed to the second phase of the Zamtel privatization process.
Qualified companies and consortiums include Bharat Sanchar Nigam Limited (BSNL) of India, LAP Greencom Limited/LAP Green Networks of Libya,
Unitel/Angola Cables of Angola and Altimo Holdings/Vimpelcom of Russia, Times said.
"We are happy to see all the four participating companies pass to the next phase of the process and that all the four are serious
telecommunications companies," Lungu was quoted as saying.
Lungu said all the short-listed bidders would be invited to take part in the next round of bidding scheduled to begin on Jan. 18. The bidders
would be given opportunities to conduct further due diligence on the company and would be required to submit new bids, the official added.
The process to sell the 75 percent of shares is expected to be completed between April and May.