Zamtel targets LuSE listing in Q1 2026, accelerates $12.6 million network upgrade

Zambia’s state-owned telecommunications company, Zamtel, has announced plans to list on the Lusaka Securities Exchange (LuSE) in the first quarter of 2026 through an Initial Public Offering (IPO).

According to Zamtel management, the company’s equity restructuring will be implemented in two phases, with Phase One focusing on the IPO.

The update was given during a familiarisation tour of Zamtel by Industrial Development Corporation (IDC) Chief Executive Officer, Cornwell Muleya, and other officials in Lusaka on Tuesday.

Phase two, planned for after 2027, will involve securing strategic partnerships to further strengthen the business.

Muleya commended Zamtel’s progress and pledged the IDC’s full support to ensure a successful listing. He praised the company’s leadership for laying a strong foundation for growth through an ambitious strategic plan, service upgrades, the creation of a modern workplace in its new headquarters, and the planned entry into the capital markets.

“Listing the company on LuSE is good. One of our aims is to stimulate the capital markets. We will support you in all areas that make you succeed,” Muleya said.

He added that Zamtel plays a critical role in improving the quality of life for Zambians and advancing financial inclusion.

Zamtel Managing Director, Jason Mwanza, revealed that in March 2025, the company appointed Pangaea Securities as transaction advisers.

He said Pangaea had since submitted an inception report, which received board approval, paving the way for preliminary pre-transaction activities. Shareholder approval is now the next milestone before the listing process advances.

Alongside preparations for the IPO, Zamtel is accelerating its network upgrade programme.

“Between January and June 2025, the company secured $12.6 million to expand 4G coverage and enhance its mobile money platform. So far, 134 4G sites have been upgraded and commissioned, with 29 more set to go live by mid-August, bringing the total to 163 sites,” Mwanza said.

He added that by December 2025, Zamtel aimed to have 437 upgraded sites operational nationwide, with the investments already yielding results.

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