Airtel Africa has announced that the initial public offering of its subsidiary in Malawi was a success, as the offering was fully subscribed.
Nairametrics had reported that the telecommunication company planned to list its shares in the Southeastern African nation.
In December, Airtel Africa had said it would raise $37.5 million in Malawi Stock Exchange through an initial public offering, allowing the Malawian investing public to own 20% shares of the network provider. The listing, according to the parent company, was fully subscribed.
The total number of shares offered was 2.2 billion, which represents 20% of shares outstanding, a statement made available on the Nigerian Stock Exchange (NSE) revealed.
Airtel Africa added that “The price has been set at MK 12.69 (USD 0.02) per ordinary share resulting in gross proceeds of approximately MK 27.92 billion (USD 37.5million).”
Why Airtel Africa listed in Malawi? Airtel Africa listed its shares in Malawi in order to comply with the laws of the country. Section 35 of the Communications Act of 2016, regulation 26 (2) of the communication (Telecommunications and Broadcasting Licensing), Regulations of 2016 and Clause 42.2 of the Subsidiary’s operating license requires the company to have at least 20% local Malawian shareholding.
The network provider, which has subsidiaries in 14 African countries, employed the services of Standard Bank Plc in Malawi to act as book runner and as Lead Transaction Advisor to the company.
The listing plan for the Malawian Stock Exchange market was conceived eight months after Airtel Africa listed its shares on Nigeria’s stock market. While Airtel Malawi is one of Airtel’s smaller markets, Airtel Nigeria is its key revenue driver in Africa.
The company accounts for 33 million subscribers in Nigeria, making it the second-largest network provider in the country behind MTN Nigeria which has about 54 million subscribers. Airtel Nigeria listed in Nigeria in July 2019.
Bamboo’s current rate for buying U.S Stocks weakens to N492/$1
Bamboo is currently offering its users a premium of more than 20% compared to the official exchange rate.
The fast-rising Nigerian stock broking application, Bamboo, is currently offering an exchange rate of N492 to the dollar.
About two weeks ago, the Nigerian stock trading app offered an exchange rate of about N484 to $1.
The green-coloured trading app known for allowing local-based Nigerians invest in stocks listed on the world’s biggest stock market (New York Stock Exchange and NASDAQ) is currently offering its users a premium of more than 20% compared to the official exchange rate set by the Nigerian apex bank.
That being said, other leading fintech platforms reviewed by Nairametrics also presently offer exuberant rates as high as about N519 to a dollar, thereby adding more transaction costs on a significant number of Nigerians hoping to trade such financial assets.
A growing number of Nigerians are currently increasing their exposure to the U.S stock market taking to the current bearish trend that is being witnessed in the Nigerian Equity market and growing urge in hedging against the weakening local currency.
Bamboo: It is an investment platform that gives Africans real-time access to invest in or trade over 3,500 stocks listed on the American and Nigerian exchanges right from their smartphones or personal computer.
In partnership with US-based Drive Wealth LLC, Bamboo provides seamless, secure access to US and Nigerian securities.
Supreme Court Judge, Sylvester Ngwuta reported dead
Justice Sylvester Ngwuta, has been reported dead.
A Supreme Court Judge, Justice Sylvester Ngwuta, has been reported dead.
He was said to have died in the early morning of Sunday, March 7, 2021, in his sleep at his official residence in Abuja at almost 70 years.
According to a report from the News Agency of Nigeria (NAN), Justice Ngwuta who is from Amofia-Ukawu, Onicha Local Government Area of Ebonyi State, was said to be getting set for his retirement from the Supreme Court on March 30, 2021, upon attainment of the mandatory retirement age.
What you should know
- It can be recalled that Justice Ngwuta was arraigned before the Federal High Court in Abuja in 2017 over money laundering and passport charges after large sums of money were discovered in his residence following a raid by security officials
- He started his private legal practice at Abakaliki in July 1978 to October 1995, from where he was appointed a judge of the High Court Abia in October 1995 and then promoted to the Court of Appeal on May 22, 2003, was finally sworn-in as Justice of the Supreme Court of Nigeria in May 2011.
- He was the chairman of a judicial panel of inquiry into the Obegu Enyibichirikwo Disturbance 1997-1998 and has been a member of several Election Petition Tribunal, Governship and legislative House Election Petition Tribunal; Nasarawa State held at Lafia in February 1999, National Assembly Election Petition Tribunal Plateau State held at Jos in April 1999, among others.
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