Olusegun Ogunsanya, CEO of Airtel Africa Plc has sold 666,174 shares in the company worth £757,440.
This information is contained in a notice of Directors Dealings signed by Group Company Secretary Simon O’Hara and sent to the Nigerian Exchange Limited.
The sale of 666,174 shares represents 0.02% of the company’s total outstanding shares.
An excerpt from the official statement reads:
- “Airtel Africa announces the following transaction in the Company’s ordinary shares (“Ordinary Shares”) by Olusegun Ogunsanya, Chief Executive Officer and a PDMR of the Company.
- This sale of Ordinary Shares is to be used to fund a property purchase by Mr Ogunsanya.
- Following this transaction Mr Ogunsanya holds 4,325,282 Ordinary Shares in Airtel Africa.”
The notice signed by Company Secretary, Simon O’Hara today, 11th August 2023, indicated that the transaction was done at two on 4th August 2023 and it took place at London Stock Exchange.
It is important to note that Airtel Africa is listed on both Nigeria Exchange Limited (NGX) and London Stock Exchange (LSE).
The 666,174.760 units of shares was sold at an aggregated price of £1.137 per share which brings the aggregated total to £757,440.70
What You Should Know
Airtel Africa reported its Q1 financial results showing the company recorded a foreign exchange loss of $471 million in the quarter ending on June 30.
The unification of the exchange rate by the Central Bank which pushed the exchange rate from N460/$ in June to N790/$ was the reason for the loss.
The company’s revenue increased by 9% during the period to $1.37 billion from the $1.25 billion it recorded in the same period for 2022.
Smart move to shield exchange rate risk..