Airtel completes acquisition of N61bn shares from minority shareholders

Airyel

AIRTEL Nigeria, a subsidiary of Airtel Africa Plc, has completed the 8.22 percent shares buyback from its minority shareholders, amounting to N61 billion.

This amount is equivalent to $147 million, using an exchange rate of N415.07. 

In a corporate filing on Thursday, Simon O’Hara, the company’s secretary, said that with this present status, Airtel Africa holds 99.96 percent ownership over its largest subsidiary, Airtel Nigeria.  

“The total consideration for the 8.22% minority shareholdings acquired under the buyback is NGN 61bn, equivalent to $147m using an exchange rate of 415.07 NGN/USD,” the statement reads. 

“Airtel Africa now holds 99.96% ownership over its largest subsidiary.”

On October 4, the company had started the buyback, encouraging its shareholders to tender their shares.

A buyback is the repurchase of a company’s own shares from investors.