The Nigerian Stock Exchange (NSE) has announced the Cross Border Secondary Listing of 3,758,151,504 ordinary shares of Airtel Africa Plc on Tuesday, July 9, 2019.The shares were listed at an offer price of N363 (about $1.19) per ordinary share on the Main Board of The Exchange and at 80 pence per ordinary share on the main market of the London Stock Exchange, the primary listing exchange.
According to a statement by the NSE on Tuesday in Lagos, the listing of the company’s shares has added N1.36 trillion to the market capitalization of the NSE , further deepening the Nigerian capital market.
“It will also increase the visibility of Airtel Africa to investors on the continent and across the globe. Airtel Africa, a leading provider of telecommunications and mobile money services, 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,” it said.
Commenting on the listing, Mr. Oscar Onyema, the 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 the firm’s belief that our platform, which has a total market capitalization of N25.20 trillion 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,” he said.
“Today’s listing 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.
This gives 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.