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 10% allowed to 1,050.50 naira.
The main index was up 1.05% 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 $176.1 million.
Around $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.