Airtel exits Ghanaian market; government to buy Airtel shares

Airtel exits Ghanaian market; government to buy Airtel shares

- Bharti Airtel’s board has cleared the sale of its Ghana joint venture, Airtel Tigo, to the government of Ghana

- It is taking an impairment charge of about $25million for the transaction

- The proposed deal would result in the government of Ghana acquiring 100% shares of Airtel Ghana Ltd

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News reaching YEN.com.gh indicates that Bharti Airtel’s board has cleared the sale of its Ghana joint venture, Airtel Tigo, to the government of Ghana.

It is taking an impairment charge of about $25million for the transaction.

In a news report filed by YEN.com.gh, Airtel said in a statement to the Bombay Stock Exchange stated that they are in advance stages of discussions for conclusion of the agreement for the transfer of AirtelTigo to the government.

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Airtel exits Ghanaian market; government to buy Airtel shares

Airtel exits Ghanaian market; government to buy Airtel shares Source: Graphic.com.gh
Source: UGC

The proposed deal would result in the government of Ghana acquiring 100% shares of Airtel Ghana Ltd, also known as AirtelTigo, along with all its customers, assets and agreed liabilities.

AirtelTigo is a joint venture between 'Airtel' and 'Millicom' wherein Airtel holds a non-controlling 49.95% share in AirtelTigo.

In 2017, Airtel had merged its Ghana operations with Millicom operators of Tigo, resulting in the second largest mobile carrier in the country.

The merger was approved by the regulator subject to the condition that African country’s government will have the option to pick up a stake in the new entity in future.

But the joint venture has fallen behind MTN and Vodacom in the country.

Still on telecommunications, Some days ago, Ghanaian actress nd entrepreneur Salma Mumin took to her social media account to announce that her GHc 10,000 had disappeared into thing air from her mobile money account.

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It happens that all what Salam wrote was a farce and that she had no such amount of money in her business MTN MoMo account.

MTN Ghana, however, come to release a statement claiming that the post Shared by Salma Mumin on October 22, 2020, are false and misleading.

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Source: Yen

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