Africa Latest News, Videos and Opinions African Business News & Stories Airtel Africa eyes London stock market listing

Airtel Africa eyes London stock market listing

The company plans to sell 25 percent of new shares, and trade on the main market of the London Stock Exchange

byBusiness Desk

May 29, 2019

1 minute read

No comments

Airtel Africa eyes London stock market listing

TO GO WITH AFP STORY BY OTTO BAKANO People walk past an advertisement for mobile- telecommunications service provider ‘Airtel’ on May 20, 2011 in the Kenyan capital, Nairobi. India will seek to expand its economic footprint in Africa, where its rival China has made major inroads, at the second India-Africa summit next week in Addis Ababa. India’s Bharti Airtel — the world’s fifth largest mobile phone company — acquired the 16-African country unit of Kuwaiti telecom firm, Zain at a cost of $10.7 billion in 2010 when India’s imports from Africa were worth $20.7 billion and its exports stood at $10.3 the same year even though China’s trade with Africa remains far heftier. AFP PHOTO/Tony KARUMBA (Photo by TONY KARUMBA / AFP)

Airtel Africa seeks a listing on the London Stock Exchange as the Bharti Airtel subsidiary explores means to reduce its debt and get more funding.

In 2018, the telecommunications player raised $1.25 billion in private equity from six global investors. Amongst those investors, are SoftBank Group Corporstion, Warburg Pincus LLC and Temasek Holdings (Private) Ltd. It is now valued at $4.4 billion.

The company plans to sell 25 percent of new shares and is looking to trade on the main market of the London Stock Exchange. A premium listing meets more stringent rules than the European Union’s minimum requirements. It also seeks to list on the Nigerian Stock Exchange.

Your Friends Also Read: Libya's 'green gold' olive industry may boost economy

Airtel operates in 14 African markets including Democratic Republic of the Congo, Kenya, Nigeria, Rwanda, Seychelles, Uganda and Zambia. The company has appointed JP Morgan, Citigroup Incorporated, Bank of America Merrill Lynch, Absa Group Limited, Barclays Bank PLC, HSBC, BNP Paribas, Goldman Sachs International and Standard Bank Group Limited as advisers.

Copyright: News Central TV

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.