Airtel Networks Limited (‘Airtel Nigeria’), a leading provider of telecommunications services in Nigeria and a subsidiary of Airtel Africa Plc, has offered to buy back its 8.27% minority shareholdings at an offer price of N55.81 per share, totalling N61.24 billion.
In what appears to be an open offer, the telecommunication giant revealed that if all minority shareholders agreed to sell their shares, the total buy back will be worth an estimated N61.24 billion (c$148.1 million, using an exchange rate of 413.38 NGN/USD).
This was disclosed by the company via a statement made available on the website of the Nigerian Exchange Limited, which reads: ‘’ Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, today announces that its subsidiary Airtel Networks Limited (‘Airtel Nigeria’), a leading provider of telecommunications services in Nigeria, has initiated a process under which it seeks to buy back the 8.27% minority shareholdings at an offer price of NGN 55.81 per share. Assuming all minority shareholders decide to tender their shares, the total consideration is estimated to be NGN 61.24 bn (c$148.1mn using an exchange rate of 413.38 NGN/USD). This represents an open offer to all shareholders.’’
The company also revealed that further details about the deal will be subsequently communicated to all and sundry in due course.
About Airtel Nigeria
Airtel Nigeria (Airtel Networks Limited) is a leading mobile telecommunication services provider in Nigeria and a member of Airtel Africa Group, committed to providing innovative, exciting, affordable and quality mobile services to Nigerians. The company made history on August 5, 2001 by becoming the first telecoms operator to launch commercial GSM services in Nigeria and has scored a series of many “firsts” in the highly competitive Nigerian telecommunications market including the first to introduce toll-free 24-hour customer care; first to launch service in all the six geo-political zones in the country; first to introduce affordable recharge denominations; first to introduce monthly free SMS and first to introduce monthly airtime bonus.
To buy back at N55.81? When it is trading at over N715!! There is either a mistake in the publication or Airtel needs to provide more clarifications.