Wireless towers operator, IHS Holding Ltd., is considering a potential initial public offering in America. Wendel SE, a shareholder in the company, disclosed this today, whilst noting that the deal could become the biggest listing ever by an African company in the United States.
IHS Holding Ltd had earlier paused the listing, explaining that the timing, the number of equities to be offered, and the price range of the shares has not yet been concluded.
IHS Holding Ltd major shareholders;
Besides Wendel SE, a French private equity firm which is the majority shareholder in IHS, other owners include America’s Investment powerhouse Goldman Sachs Group Inc. and Africa’s largest carrier MTN Group Ltd.
Recall Nairametrics broke the news some months ago that the tower operator was in preference of a U.S. listing to London because some of the largest tower companies such as American Tower Corp. and Crown Holdings Inc. are all based in U.S. and trade at higher valuation multiples.
With a $7 billion valuation, it is going to be the biggest listing by an African company in the U.S, according to data compiled by Bloomberg.
IHS Holding Ltd started reviving work on a stock sale late last year after dropping the plan in 2018 due to political uncertainty surrounding the presidential election in Nigeria, its major market.
The IPO is one of at least two big tower offerings that are in the works. Vodafone Group Plc had disclosed in July that it will list its mobile masts business in Frankfurt next year.
About IHS: It is the largest mobile telecommunications infrastructure provider in Africa, Europe, and the Middle East by tower count and the third-largest independent multinational tower company globally. Founded by Sam Darwish in Lagos, in 2001, the company specializes in building towers and managing sites for mobile network operators. It has operations in Nigeria, Cameroon, Ivory Coast, Zambia, and Rwanda.
Following the recent acquisitions of tower portfolios of MTN and Etisalat in Nigeria, IHS owns and manages over 23,000 towers in Africa.
#EndSARS: States affected by violence should get 1% VAT – Senate
The Nigerian Senate has urged the Federal Government to give states that were affected by lootings and destruction by hoodlums after the anti-police brutality protests, 1% of all Value Added Tax (VAT).
This motion was moved by Senators Abiodun Olujimi and Gershom Bassey on Tuesday and disclosed in a report by Channels TV.
What you should know
After the lootings and destruction by hoodlums who hijacked the #EndSARS protests, Nairametrics reported that the Speaker of the House of Representatives, Femi Gbajabiamila, said Lagos State will need about N1 trillion for the reconstruction and repair of the properties and infrastructure that was vandalized in the process.
The Senators moving the motion declared that destruction caused in Lagos by hoodlums was valued at a range of over N1 trillion by the State Governor, Babajide Sanwo-Olu.
Senator Gershom Bassey also revealed that hoodlums attacked federal properties in Calabar like the WAEC office and looted food warehouses in the state.
“Cross River State being a predominantly Civil Service State may not overcome the effects of the invasion since the destroyed state infrastructure were built from lean state resources over the years,” Bassey disclosed.
Senator Sani Musa said the lootings which started in Lagos spread to other states, leading to the destruction of properties and urged for the FG’s assistance.
“#EndSARS came as a peaceful protest, but turned violent. It started in Lagos and later spread to other states which led to the destruction of homes, businesses, and government offices. It is very unfortunate. The government needs to rebuild what was destroyed and pay compensation as well. It is their responsibility,” Musa said.
Budget proposal review of MDAs is a legislative right – Femi Gbajabiamila
Gbajabiamila has stated that the budget review on MDAs conducted by the House of Assembly is a right of the National Assembly.
The Speaker of the House of Representatives, Femi Gbajabiamila, stated that the budget review on MDAs conducted by the House of Assembly is a right of the National Assembly. He added that the House of Assembly has the constitutional right to ask questions on MDA budgets.
Reps Committee warns MDAs against failure to render accounts to Auditor-General
House of Reps Committee has warned MDAs against failure to render accounts to Auditor-General of the Federation.
The House of Representatives Committee on Public Accounts has urged that the heads of MDAs must render their audited accounts for the fiscal year to the office of the Auditor General of the Federation (AGF) and warned against non-compliance.