Airtel Africa, a leading provider of telecommunications and mobile money services, has announced the completion of the minority shareholding buyback of Airtel Networks Limited, the Nigerian subsidiary of Airtel Africa plc.
According to the disclosure signed by the company’s secretary, Simon O’Hara, and filed with the exchange, the total consideration for the 8.22% minority shareholdings which was acquired under the buyback program is N61 billion, equivalent to $147 million using a conversion rate of 415.07 NGN/USD.
Airtel Africa Plc now holds 99.96% ownership over its largest subsidiary.
Backstory
The telecommunications company had earlier announced the buyout offer in October 2021. In the notice, it stated that the company had initiated a process under which it sought to buy back the 8.27% minority shareholdings at an offer price of NGN 55.81 per share and assuming all minority shareholders decided to tender their shares, the total consideration would be NGN 61.24 bn.
What you should know
The company’s Q2 2021 unaudited results for the period ended June 30th, 2021 shows a profit before tax of 133 per cent to $259 million while profit after tax went up by 149 per cent to $142 million. Airtel Africa Plc announced a revenue growth of nearly 31%, to $1.1 billion.
The company’s shares currently trade at N950.00 per share on the Nigerian Exchange Limited, appreciating by 11.53% from year to date.
