Nigeria (commonwealth) _ Indian Continent Investment Limited increased its position in Airtel Africa by acquiring £57.25 million in shares. According to a corporate notification made to the Nigerian Exchange Limited, Indian Continent Investment Limited, located in Mauritius, completed this acquisition of 53,500,000 units of Airtel Africa shares at a pricing of £1.07 per unit.
With the purchase of £57 million in shares by a Bharti subsidiary, Airtel Africa wins investor confidence. Airtel Africa is the photographer. UGC is the source. It should be noted that Airtel Africa just reclaimed its status as the most valued firm on the Nigerian stock exchange, a position it had held for more than six months.
The transaction took place on Monday, November 6, 2023, on the London Stock Exchange, where Airtel Africa’s shares are traded and listed, according to a corporate report filed on the Nigerian Exchange Limited (NGX). Airtel Africa’s vote rights are being expanded by Bharti. According to the notification, Indian Continent Investment Limited has ties to Shravin Bharti Mittal, the Managing Director of Bharti Global Ltd, and the Bharti family’s investment arm.
According to a unique notification, Indian Continent Investment increased their shareholding from 11.02% to 12.58%. It currently indirectly owns 473,071,861 shares in the company. With this transaction, Bharti Overseas Private Limited increased its voting rights in Airtel Africa to 12.58%, making it the company’s largest stakeholder. Similarly, another stakeholder, Singapore Telecom International Pte Ltd, has reduced its stake from 3.94% to less than 3%.
This decrease resulted from the sale of a portion of its shares, which was also completed on Monday. Airtel has announced the cancellation of its deferred shares. Airtel Africa proclaimed the termination and elimination of all deferred shares, each with a nominal value of $0.50, on August 15, 2023, as agreed by the Company’s shareholders at the annual general meeting held on July 4, 2023. Following that, the High Court of England and Wales authorized and approved the cancellation and removal.
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The result of the capital decrease is the creation of supplemental distributable reserves, which provide the firm with additional resources that may be used in the future. These reserves might be used to support potential returns to shareholders through dividends, distributions, or the purchase of the company’s stock. The business confirms that, following the capital reduction, its issued share capital will consist of 3,758,151,504 ordinary shares, each with a nominal value of $0.50 and one voting right.
Nigerian telecommunications operators are planned to charge a consistent call cost of N50 per minute for CUG services beginning November 1, 2023. Service providers like as MTN, Glo, Airtel, and 9mobile provide CUG services, which allow enrolled customer group members to benefit from discounted call rates and free on-net calls in exchange for monthly access costs.
Shravin Bharti Mittal, the Managing Director of Bharti Global Ltd (the Bharti family’s investment arm), is affiliated with Indian Continent Investment Limited, according to the announcement. Bharti Airtel is the largest shareholder in Airtel Africa. The transaction was said to have occurred on Monday on the London Stock Exchange, where Airtel Africa’s shares are also traded.
Singapore Telecom International Pte Ltd increased its ownership to 12.58 percent from 11.02 percent, according to a second notification. It presently holds 473,071,861 shares of the firm indirectly. Meanwhile, Singapore Telecom International Pte Ltd has reduced its stake from 3.94% to less than 3%. This comes after the company sold a chunk of its stock on Monday.
Airtel Africa announced on August 15, 2023, the cancellation and extinction of all of its deferred shares of $0.50 nominal value each, which were approved by shareholders at the Company’s annual general meeting on July 4, 2023.The High Court of England and Wales approved the cancellation and extinction.
