By Mbafan Ade –
Airtel Africa Plc. has announced the completion of the minority stock buyback of Airtel Networks Ltd, (Airtel Nigeria) ahead of the buyout offer announced on October 4th.
This is according to a notice signed by the group’s Company Secretary, Simon O’Hara, and published on the Nigerian Exchange Ltd.’s website on Thursday in Lagos.
The entire compensation for the 8.22% minority shareholdings acquired under the buyback, according to the announcement, is N61 billion, or 147 million dollars, based on a 415.07 Naira to the dollar conversion rate.
“Airtel Africa now owns 99.96 percent of its largest subsidiary,” the company noted.
(NAN)