…stock boost market cap by N1.36tr
The entire 3.6 billion issues ordinary shares of Airtel Africa Plc, has on Wednesday, July 10, been admitted for trading on the main board of the Nigerian Stock Exchange (NSE) at N363 per share.
The shares were also listed on the main market of the London Stock Exchange at 80 pence per ordinary share .
The listing immediately deepened the Nigerian capital market capitalisation by N1.36 trillion. It will also increase the visibility of Airtel Africa to investors on the continent and across the globe.
Commenting on the development, Raghunath Mandava, the Chief Executive officer of Airtel Africa, said: “Airtel Africa is delighted to be listed on the main board of the Exchange. This is an exciting time for Airtel Africa in the 14 countries it operates in, and an important milestone in our development as a leading provider of telecommunications and mobile money services in Africa.”
Oscar N. Onyema, Chief Executive Officer of the NSE, commended Airtel Africa Plc for taking the bold step to list on the Exchange.
“Listing on the Exchange reaffirms Airtel Africa’s long-term commitment to expanding opportunities and providing everyday services to Africans and Nigerians in particular. It also indicates Airtel Africa’s belief that our platform, which has a total market capitalization of N25.20trillion across various asset classes, remains a veritable avenue for raising capital and enabling sustainable national growth. This listing serves to deepen the telecoms and technology sector for investors and provides an opportunity for a wider group of Nigerians to be part of the African telecoms growth story”.
“Today’s listing is a promising development in Africa with Airtel Africa also being admitted to the premium listing segment to trade on the main market of the London Stock Exchange (LSE).
This lends credence to the successful partnership between the two exchanges. I encourage similar situated companies to explore the different opportunities for raising capital on the Exchange’s platform”, Onyema added.
Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, primarily in East Africa and Central and West Africa.
It offers an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services as well as mobile money services both nationally and internationally. The Group offers traditional mobile voice services, with an increasing focus on data and non-voice services through the expansion of its 3G and 4G networks.