Connect with us

International Circuit

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

Click to comment

You must be logged in to post a comment Login

Leave a Reply

Copyright © 2022 Communications Today

error: Content is protected !!