Airtel Africa to Buyback 8.27% Minority Shareholdings in Nigeria Subsidiary

0
62
AIRTEL LOGO

Airtel Africa Plc has announced plans to buy back 8.27 per cent minority shareholdings at an offer price of N55.81 per share from its subsidiary, Airtel Networks Limited (Airtel Nigeria).

The company in a statement hinted that: “Assuming all minority shareholders decide to tender their shares, the total consideration is estimated to be N61.24 billion or $148.1million using an exchange rate of N413.38 N/USD).

This represents an open offer to all shareholders.” The stock price of the company traded flat at N715.00 yesterday on NGX.

Meanwhile, the company also announced that Olusegun Ogunsanya has resumed duty as Managing Director and Chief Executive Officer, as at 1 October 2021 and joined the Board of Airtel Africa plc.

Segun was previously Managing Director and CEO of Airtel Nigeria and was responsible for the overall management of the operations in the Company’s largest market.

Ogunsanya in a statement signed by group company secretary, Simon O’Hara said:” I am looking forward to building on the solid foundations the Group has established for future sustainable growth across Africa.

- Advertisement -First Bank USED