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- Oct 21, 2012
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This was revealed here yesterday by the Minister of Works, Transport and Communications, Prof Makame Mbarawa, when he toured TTCL facilities in the region including the national ICT broadband backbone network.
“We have held lengthy discussions with the management of Bharti Airtel after which we agreed that the government will pay the company a total of 14.9bn/- to reclaim the 35 per cent stake.
The repossession will give the state full ownership of TTCL,” the minister explained. At present, the government is the majority shareholder with 65 per cent stake while the Indian firm has the remaining 35 per cent shares.
During a partial privatization of TTCL in 2001, the government sold the shares to the then Celtel International which was later acquired by Qatar’s Zain which was later on acquired by India’s Bharti Airtel.
“The partnership between the government and Bharti Airtel will come to an end this month as it has been longed by Tanzanians and other stakeholders,” the minister affirmed.
“We will use funds from the optic fibre network to conclude the repossession. I now task the board, management and employees of TTCL to work hard and improve efficiency.”
The TTCL’s Board Chairman, Prof Tolly Mbwette, said the repossession of the shares is a crucial move towards strengthening of the company. “We will now be able to implement our business plan that seeks to transform the company in a smooth manner,” Prof Mbwette stated.
For his part, the Chief Executive Officer (CEO) of TTCL, Dr Kamugisha Kazaura, said efforts will now be directed at improving services using funds from internal revenues and loans from business partners.
“We want TTCL to uphold its position as provider of quality and affordable services in the communication market,” Dr Kazaura remarked. Just recently the company launched Fourth Generation Long Term Evolution (4G LTE) network to provide speedy internet connection to its customers.
TTCL has as well entered into an agreement with the TIB Development Bank in which the financial institution will provide a credit of 329 million US dollars to enable the former acquire modern equipment to improve services.
SOURCE: DAILY NEWS
