Airtel Africa Plc is in the verge of buying out Nigerian minority shareholders stake in the company.
The company has already disclosed this plan to the Nigerian Exchange Limited, NGX saying 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 8.27 per cent minority shareholdings at an offer price of N55.81 per share.
Assuming all minority shareholders decide to tender their shares, the total consideration is estimated to be N 61.24 billion ($148.1mn using an exchange rate of 413.38 N/USD).
It will be recalled that the NGX formally Nigerian Stock Exchange, announced the cross border secondary listing of 3,758,151,504 ordinary shares of Airtel Africa Plc on Tuesday, July 9, 2019.
The shares were listed at an offer price of N363 per ordinary share on the main board of the Exchange and at 80 pence per ordinary share on the main market of the London Stock Exchange, the primary listing exchange.
The listing of the c company’s shares added N1.36 trillion to the market capitalization of the Exchange, and further deepened the Nigerian capital market. It had also increased the visibility of Airtel Africa to investors on the continent and across the globe.