Airtel initiates process of repurchasing minority shares; buyback estimated at N61.24bn

Airtel Africa, with strong roots in East and Central Africa, is a major provider of telecommunications and mobile money services, with presence in 14 countries.

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The Group Company Secretary of Airtel Africa, Simon O’Hara, has disclosed that the group subsidiary, Airtel Nigeria, has initiated a process to buy back 8.27 per cent minority shareholdings of the Nigerian company, at N55.81 per share.

The Group Company Secretary of Airtel Africa, Simon O’Hara, has disclosed that the group subsidiary, Airtel Nigeria, has initiated a process to buy back 8.27 per cent minority shareholdings of the Nigerian company, at N55.81 per share.

This is estimated at a market transaction of N61.24bn (using an exchange rate of N413.38), if all minority shareholders decide to sell their shares.

The Airtel announcement stated: “This represents an open offer to all shareholders.”

Airtel Africa, with strong roots in East and Central Africa, is a major provider of telecommunications and mobile money services, with presence in 14 countries.

Lax NGX, SEC regulations enable quoted firms to…

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