Airtel Africa plans to list an IPO on the Malawi Stock Exchange. The Mobile Network Operator is to list its Malawian subsidiary in compliance with the country’s Telecommunications and Broadcasting Licensing regulations of 2016.
Section 35 of the Communications Act of 2016 requires that Mobile Network Operators have to list at least 20% of their shares on the local stock exchange. Nigeria also has similar regulations that mandate locals to invest in foreign companies. Before the proposed listing, Airtel Africa had a dual listing on the Nigerian Stock Exchange and the London Stock Exchange earlier this year.
See Also: Airtel Africa & Finablr Set to Enable Seamless Cross-Border Payments
Listing on the MSE will generate capital, as well as enable local investors to buy shares in Airtel Malawi. Although Airtel has not disclosed the date it will list on the MSE, it plans to undertake an Initial Public Offering of its Airtel Malawi Plc. The company has appointed Standard Bank Plc. as book runner and Lead Transaction Advisor for the listing.
Airtel Africa is the second-largest mobile operator in Africa by the number of subscribers. It offers voice, data and mobile money services across 14 countries in East, Central, and West Africa. It offers 4G/LTE, 3G and 2G wireless networks and high speed fixed broadband internet services.
According to the press release, the price range of the stock, as well as the exact number of shares to be sold will soon be revealed. The shares will be available for the public once necessary regulatory approvals have been concluded.
More on TechGist Africa
- Canadian Mobile ID Verification Company, Trulioo Launches Services in Nigeria & Ghana
- See the 14 African Startups Selected for the IMPULSE Accelerator Program
- Microsoft Launches its Windows PC Affordability Initiative in Africa
- Plentywaka Announces New Route, Set to Increase Fleet in Lagos Nigeria
- Mozilla Partners German Ministry for Economics to Launch Voice Technology for African Languages
