The Lusaka high court has ruled that BHARTI Airtel flouted the law by offering the minority shareholders to sell their shares at 710 KWACHA per share.
Judge FLAVIA CHISHIMBA has upheld the plaintiffs’s plea that BHARTI Airtel did not offer the minority shareholders an option to acquire the shares in contention.
She states that compulsory acquisition of shares should in consonant with the law and attract a fair price.
Judge CHISHIMBA has ordered that the terms of the compulsory acquisition NOTICE for the shares be varied and that BHARTI Airtel should include a provision to give the minority share holders the option for allotment of shares.
She states that the consideration price at which BHARTI Airtel acquired CELTEL shares be disclosed to the minority share holders.
Judge CHISHIMBA observes that this will enable the applicants to determine whether to exercise the option for a cash consideration.
She has granted BHARTI Airtel leave to appeal.
This is in a matter where a Mr CHANDA MUTONI and other seven minority share holders challenged the compulsory acquisition of CELTEL shares by BHARTI Airtel.
ZNBC
They wanted ukilila abanabo amasuku pamutwe, it’s not all Zambian who are ingnorant of their rights.
My shares have gone up!!!!
kekekekekeke, these boody mwenyes have come with bengal, punjab and gujarat manners, we gonna teach them a lesson… viva Judge Chishimba.. Viva PF, This is a blow to RB and Son Zambia yesu kulilapo Limited for they have already chewed the nchekeleko moneys
These are the people RBish wants in Zambia. Thieves just like MMD.
GREAT VICTORY FOR THE HOME TEAM! VIVA JUDGE! VIVA THE SEVEN!
MAINTAIN THE SCORELINE OR WIN OUTRIGHT
Come on PF people. this has nothing to do with RB or any politician for that matter. Bharti Airtel is a large Indian telecommunications operator and they actually bought the Zain Group hence the offer to minorities for full acquisition.
Anyway, I hope this means we can get more for our shares. K710 was a slap in the face. My guess is that they paid much more for the Zain shares.
PF – come in quickly to sort out this nosence
these indians are upto no good. I hear that some peoples salaries were slashed and there seems to be mass exodus of employees.
Can anyone ever trust an Indian investor? I say no way! The only credible Indian investors in Zambia are Vedanta resources and even these are domiciled in London. Bharti Airtel should be hit hard and made to compesate the poor minority shareholders fairly.
Ati investors, malabishi yeka yeka. These Airtel chaps think they can bulldoze their way at the expense of the poor Zambians who are looking for investment opportunities. Lets all go MTN so that they learn a lesson. Viva PF
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