Mobile Broadband Limited, trading as Vodafone Zambia, has announced a formal sale of the company following the inability by its shareholders to inject much-needed capital to revitalize operations.

According to a notice, the struggling network issued an invitation of bids to takeover its operations, formally announcing intentions to sell.

“Mobile Broadband Limited, hereby, invites interested parties to participate in the open-bidding tender for the sale of the company. Interested bidders may obtain further information from the Business Rescue Administrator and inspect the bidding documents at the address given below during office hours, from 9.00am to 3.00pm. A complete set of bidding documents may be acquired by interested bidders from September 12, 2019, from 9.00am to 3.00pm at the address given below upon payment of a non-refundable fee for the bidding documents in the amount of US$760 (or kwacha equivalent),” read the notice issued by Luwita Sayila, the business rescue administrator.

“Bids must be duly received by September 27, 2019, at 10.00am at the MBL offices located at 257 Kaleya Road, Roma, Lusaka, Zambia. Bids will be opened in the presence of the bidder’s representatives who choose to attend at the address below. Late bids shall not be accepted. Mobile Broadband Limited reserves the right to reject any and all bids, declare a failure of bidding, or not award the contract at any time prior to contract award.”

By the end of July, Vodafone had stated that a delay in capital injection to the company led to some areas experiencing network outages.

Back then, the company had stated that the withholding of funds by some shareholders of Afrimax Holdings, the holding company, had led to Vodafone to experience financial distress, which exacerbated the company’s performance.

Mobile Broadband Limited launched its operations in 2016, introducing the first 4G high-speed mobile Internet network into the Zambian market, and rapidly grew on account of its next generation innovation on products and services offered to customers.