LILONGWE-(MaraviPost)-Airtel Malawi plc (“Airtel”) today on Christmas Eve offered 2.2 billion shares primarily to Malawians pegged MK12.69 per share.
This will be listed on Malawi Stock Exchange (MSE) for individuals, companies and foreigners to buy shares for business.
The development comes weeks after the company announced its intention to sell shares on MSE.
Airtel Malawi Managing Director Charles Kamoto told the news conference in the capital Lilongwe that the Initial Public Offer (IPO) will be opened on 27 December 2019, enabling the general public to, for the first time own a part of the leading telecommunications provider in Malawi.
Kamoto disclosed that the 2,200,000,000 offer shares, represents Airtel’s 20% stake in the business through an Offer for sale of 1,650,000,000 Airtel shares (15%) and an over allotment option of 550,000,000 (5%) Airtel shares.
He lauded that the Offer represents the largest IPO raise in the history of the Malawian Stock Exchange.
“The Offer will remain open until 31 January 2020, ensuring a broad base of the Malawian population have an opportunity to invest in the capital markets and invest for the future. Speaking about the listing,
“Airtel’s journey in Malawi continues. Today, after just over 20 years of operating in the country, the people of Malawi will now not only know Airtel as their telecommunications company of choice but one that they also own a part of. Participating in this Offer will give Malawians both locally and abroad, the unique opportunity to share in Airtel’s growth prospects.” says Kamoto.
He adds, “Through the years, Airtel has consistently invested in its infrastructure. The company has the widest 3G and 4G networks in the country, with a network spanning more than 85% of the nation.
“Given the growing demand for data services driven by lifestyle changes and the increasing use of smartphones, Airtel expects that growth that has been experienced in the past to continue. Airtel is a diversified and resilient business, which is well placed to benefit from delivering its services across Malawi”
Concludes Kamoto; “Our success over the years has been supported by a committed employee base that is led by a management team with the experience and capability to execute inspirational projects.
“I am confident that we will continue to achieve this success into the future.Application Forms for shares will be available in the Prospectus, which will be issued on 27 December 2019”.
Kamoto further said; “This will be uploaded on our website and copies of which will be available in Receiving Bank Branches across the country.
“In line with ensuring convenience for potential investors, shares can be applied for through Airtel money. The Pre-Listing Statement and further details of the listing process are also available on our website www.airtel.mw/investors”.
EVENT DATE
Offer opens – Publication of Prospectus- 27 December 2019
Last day for application; Offer closes- 31 January 2020
Results of the offer submitted to the MSE Committee; 11 February 2020
Results announcement; 14 February 2020
Refunds sent to applicants; 17 February 2020 Securities listed (if listing granted).
The listing day shall fall; on a Monday 24 February 2020
