The Copperbelt Energy Corporation (CEC) has sold off its 50 percent shares in CEC Liquid Telecommunication Limited (CEC Liquid Telecom) to pan-African telecoms group, Liquid Telecommunication Holdings Limited (Liquid Telecom).
The disposal of shares by Copperbelt Energy Cooperation brings to an end the long standing relations that span from 2011 as equal partners in the joint-venture subsidiary.
CEC Managing director Owen Silavwe said the move is to divert from the telecoms space due to recent developments in the sector, which he said had necessitated a review strategy.
“With this acquisition, Liquid Telecom now has full ownership of CEC Liquid Telecom and its retail arm, Hai Zambia, however we would continue to be involved with the company as an infrastructure provider,” Silavwe said.
He said at the time of forming the venture, CEC’s investment rationale in CEC Liquid Telecom was to facilitate for the full commercialization of CEC’s telecoms assets, ensuring adequate ring-fencing of the telecoms operations from the power business.
Silavwe said the CEC Liquid Telecom joint-venture, formed by the two partners in 2011, had grown to become a market leader and had invested in the rollout of a fibre optic network across Zambia that, today, delivers some of the country’s and Africa’s fastest broadband speeds.
“While this transaction provides an equity exit for CEC, we will continue to be involved with the company as an infrastructure provider. We are glad to have been a part of CEC Liquid Telecom’s innovative service offering under our part ownership and remain excited about its future,” Silavwe added.