Airtel Africa Plc (NGX: AIRTELAFRI) has announced says it has completed the minority shareholding buyback of Airtel Networks Limited (Airtel Nigeria) one of the major leading providers of telecommunication services in Nigeria.
This was disclosed by the company in a publication on the Nigerian Exchange, singed by Simon O’Hara, Group Company Secretary.
The company said that it acquired 8.2% minority shareholdings under the buyback scheme, valued at N61 billion.
Airtel Africa now holds 99.96% of Airtel Networks Limited.
The document read: “Further to the buyout offer announcement of 4 October 2021, Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces the completion of the minority shareholding buyback of Airtel Networks Limited (‘Airtel Nigeria’), a subsidiary of Airtel Africa plc and a leading provider of telecommunication services in Nigeria.
“The total consideration for the 8.22% minority shareholdings acquired under the buyback is NGN 61bn, equivalent to $147m using an exchange rate of 415.07 NGN/USD. Airtel Africa now holds 99.96% ownership over its largest subsidiary.”
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.