Government to buy Airtel Tigo as Bharti Airtel exits Ghana business

GHANA – Airtel Africa which operates in Ghana under that joint venture – AirtelTigo – has announced that it will sell its assets and leave the West African country as certain government policies have been detrimental to its business model in that country. “The parties are in advance stages of discussions for conclusion of the commercial agreement for the transfer of AirtelTigo on a going concern basis to the Government of Ghana,” Airtel said in a statement. The proposed deal would result in the government of Ghana acquiring 100% shares…

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AirtelTigo Chief Executive Mitwa Ng’ambi resigns

AirtelTigo, Ghana’s second largest mobile network operator has announced the resignation of its current CEO Mitwa Kaemba Ng’ambi. She will be exiting the company as from 13th September 2019. In her resignation notice, Ngambi said that she had chosen to step down due to personal reasons. The telecommunications company has since appointed Murthy Changanti, the company’s Chief Operating Officer as acting CEO. Changati will head the company until a new Chief Executive is appointed. Mrs Mitwa Ng’ambi joined AirtelTigo in 2017 and was instrumental in the successful completion of the…

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Airtel Africa targets US$750m fundraising in London IPO

AFRICA – Airtel Africa Ltd, a subsidiary of Indian telecoms group Bharti Airtel Ltd, plans to raise gross proceeds of US$750 million through its listing on the main market of the London Stock Exchange. The telecommunication firm said it would freely float at least 25 per cent of its shares as it looks to pay down its debt while up to a further 15 per cent will be made available under an overallotment option. The continent’s second-largest mobile operator said the exact number of shares to be sold and the…

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Qatar Investment Authority to invest US$200m in Airtel Africa

AFRICA – Bharti Airtel Ltd, the India based telecommunications company plans to raise US$200 million (Rs 1400 crore from Qatar’s state-owned holding company, Qatar Investment Authority, to pay debt at its Africa unit. According to Bharti Airtel, which operates in 20 countries across South Asia and Africa, the funding comes alongside plans to list the business in the continent. A Bloomberg Quint report reveals that this is the second round of funding by the firm in Africa business which has a debt of close to US$3.75 billion. The company which…

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