Proceeds to be used to reduce debt
Airtel Africa on Wednesday said that the Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar, will be investing $200 million through a primary equity issuance in the company.
The proceeds would be used to further reduce Airtel Africa’s existing net debt, the company added. The transaction will not involve any sale of shares by existing shareholders, the company said.
Airtel Africa, a subsidiary of Bharti Airtel, had in September last year raised $1.25 billion from six global investors, including Warburg Pincus, Temasek, Singtel and SoftBank Group International.
Airtel is present in 14 countries across Africa, including, Nigeria, Chad, Congo B, Democratic Republic of Congo, Gabon, Madagascar, Niger, Kenya, Malawi, Seychelles, Tanzania, Uganda, Zambia and Rwanda.
Source: Read Full Article