Airtel Africa detailed plans to list its Malawi business on the country’s stock exchange, as the operator moved to capitalise on growth in the market.
Charles Kamoto, MD of Airtel Malawi, stated the planned IPO would enable citizens to “share in the growth of the company”, which had become “ingrained in the fabric of the country”.
The indicative price range and the number of shares to be offered will be determined in due course, the company stated.
Its proposal will be subject to authorities’ approval. Current regulations require the company to own at least 20 per cent of the business.
The company engaged Standard Bank (Malawi) to act as its lead adviser, Airtel Africa said in a related statement.
Airtel Africa operates in 14 countries across the continent. Parent Bharti Airtel intiated moves to list the business on the London Stock Exchange in June, aiming to raise $750 million.
The Malawi business claims to be the leading provider of mobile money services in the country, with Airtel Money deployed in 2011, and also operates 2G, 3G, 4G and fixed broadband communications services.
Source: Mobile World Live