Shares of Airtel Africa hit all-time high

Shares of Airtel Africa hit an all-time high on Wednesday, lifting Nigeria’s main stock index, after the mobile phone company said it will use proceeds of a tower sale to reduce debt.

Airtel, the third-biggest listed firm in Nigeria, with a dual listing in London, gained the maximum 10per cent allowed to 1,050.50 naira.

The main index was up 1.05per cent at a seven-week high.

Airtel Africa, with a presence in 14 African countries, announced the first closing of the transaction to sell its tower assets in Tanzania to a joint venture company for US$176.1 million.

Around US$60 million from the proceeds will be used to invest in network and sales infrastructure in Tanzania with the balance used to reduce debt at group level. CNA