The Nigerian Stock Exchange (NSE) has postponed the listing of Airtel Africa’s shares on its platform.
The local bourse made the announcement of the postponed cross border secondary listing of 3.758 billion ordinary shares of Airtel Africa a few hours before its listing on Friday, July 5.
The NSE explained that the postponement was necessitated to ensure that the company meets all the post NSE approval pre-requisites for listing on the NSE.
The postpone secondary listing of Airtel on the NSE is coming after its London Stock Exchange (LSE) primarily listing, which followed a book building process that saw investors purchase 637.179 million ordinary shares of 50 cents at 80 pence per share.
By this arrangement, shares of Airtel Africa with operations in 14 African countries would be listed at N363 per share, adding a total of N1.364 trillion to the market capitalisation of the Nigerian Stock Exchange.
Speaking at the company’s Facts Before Listing in Lagos, MD/CEO of Airtel Nigeria, Segun Ogunsanya said, the company will pay out 80 per cent of its results to shareholders, while assuring that the listing will be done in few days as the requirements have been submitted to the local bourse on Friday.
In his opening remark, the Chief Executive Officer of NSE, Oscar Onyema said that the listing of Airtel Africa is a promising development in Africa with Airtel Africa being the second company to have its ordinary shares listed on both the London Stock Exchange and the Nigerian Stock Exchange saying that this gives credence to the successful partnership between the two exchanges.
He also noted that Airtel Africa’s listing on the NSE will not only showcase the company as an established player in the African Telecommunication Industry but will enable the firm to actualize its strategic vision.
Airtel Africa Plc (Airtel Africa) is the holding company of Airtel Networks Limited (Airtel Nigeria) and thirteen (13) other subsidiaries in Africa – Airtel Congo S.A., Airtel Gabon S.A., Celtel Niger S.A., Airtel Congo RDC S.A. (DRC). Airtel Tanzania Plc, Airtel Networks Zambia Plc, Airtel Networks Kenya Limited, Airtel Tchad S.A., Airtel Madagascar S.A, Airtel Malawi Limited, Airtel Rwanda Limited, Airtel Uganda Limited and Airtel (Seychelles) Limited.