Airtel Africa, owned by Bharti Airtel, has announced plans to list its Malawi unit on the country’s main exchange as it seeks to increase local shareholding in the high-growth African market.
Airtel Malawi is the leading mobile service provider in the southeast Africa country, one of 14 African countries where Airtel Africa operates.
“The indicative price range in respect of the Offer, as well as the exact amount of shares to be sold in the Offer, will be determined in due course,” Airtel Africa said in a note to NSE.
The listing, which is subject to regulatory considerations and market conditions, will comply with Malawian communications laws which require a fifth of Airtel’s Malawi unit to be owned by locals.
The announcement follows six months after Airtel Africa raised capital on the London Stock Exchange (LSE), and its July debut on the Nigerian Stock Exchange (NSE), where its shares have remained flat since November.
Standard Bank in Malawi will act as the book runner and as Lead Transaction Advisor to Airtel Malawi.