NNPC report

Airtel to list on Nigerian Stock Exchange July 4

Airtel Africa Plc has revealed plans to sell its shares to Nigerian investors between N363 and N454 per ordinary share.

In its offer prospectus obtained by our correspondent on Friday, the company said the Nigerian offer consisted of an institutional offer only, and as such, shares would be offered to qualified institutional investors and high net worth investors in Nigeria, as defined in Rule 321 of the Securities and Exchange Commission Rules by way of book building.

The prospectus read in part, “The company’s shares will be listed on the Nigerian Stock Exchange and London Stock Exchange after the book building.

“The company plans to offer 501.125 million and 716.406 million shares to Nigerians. The directors believe that offering the shares in Nigeria and listing on the NSE will encourage operational discipline through the establishment of an independent capital structure and governance framework following the successful turnaround of the group’s operations.”

The issuing houses for the offer are Barclays Securities Nigeria and Quantum Zenith Securities Investments Limited.

Airtel said the application had been made to the NSE for the ordinary shares to be admitted to the official list of the NSE.

It said, “An application for the ordinary shares of the company to be listed on the official list will be done pursuant to the cross-border listing requirements of the NSE.

“It is expected that the Nigerian admission will become effective on July 4, 2019 and that unconditional dealings in the ordinary shares will commence on the NSE on July 4, 2019.

“The Nigerian offer is subject to the satisfaction of conditions, which are customary for transactions of this type, including Nigerian admission becoming effective on July 4, 2019. There shall be no underwriting arrangement for this offering.”