Bharti Airtel Limited has increased its stake in subsidiary Bharti Airtel Nigeria to 79 per cent, thereby acquiring an extra 13.36 per cent equity state in Nigeria’s Airtel Networks Limited
The mobile telecommunication services provider said in a statement that the additional 13.36 per cent would come from purchasing shares from certain existing shareholders.
“The additional 13.36 per cent equity stake now raises the company’s total holding to 79.06 per cent,” the statement confirmed.
Airtel Networks Limited, which is a subsidiary of Bharti Airtel Nigeria, has operations in 17 countries and has a subscriber base of 53.1mn as of March 2012, it said.
According to the Nigerian Communications Commission it had subscription figure close to 23.1mn for the last quarter of 2012.
Airtel Networks Limited, Nigeria, which holds telecoms licence to provide services in the country, had not released an official report on the development.
The details of the acquisition have yet to be announced and the company said the acquisition is to allow it to strengthen Airtel’s position over its Nigerian assets.
