Airtel Africa plans to take out Nigerian minority shareholders -GCFRNG
Airtel Africa Plc is about to buy Nigerian minority shareholders’ stake in the company.
The company has already disclosed this plan to Nigerian Exchange Limited, NGX said that its subsidiary, Airtel Networks Limited, a leading provider of telecommunications services in Nigeria, has initiated a process under which it seeks to buy back the minority stakes of 8.27 per cent at an offer price of N55.81 per share.
Assuming that all minority shareholders decide to offer their shares, the total consideration is estimated at 61.240 million naira (148.1 million dollars at an exchange rate of 413.38 dollars per dollar).
It will be recalled that the formally Nigerian NGX announced the cross-border secondary listing of 3,758,151,504 common shares of Airtel Africa Plc on Tuesday, July 9, 2019.
The shares were traded at an offer price of N363 per common share on the main board of the Stock Exchange and at 80 pence per common share on the main market of the London Stock Exchange, the main public exchange.
The listing of company c’s shares added N1.36 trillion to the market capitalization of the Stock Exchange and further deepened the Nigerian capital market. It had also increased the visibility of Airtel Africa to investors on the continent and around the world.