“We remain positive and committed to Africa in the long run. Airtel Africa serves a young demographic in a fast-growing market and is well positioned to benefit from rapid smartphone and mobile money adoption with the rise of the continent’s digital economy,” he adds.
Airtel Africa, Africa’s second largest telecom operator, with a combined mobile customer base of more than 125 million across 14 countries, offers an integrated suite of telecommunications solutions, including mobile voice, data and mobile money services.
The realised gain on divestment of approximately $34 million will be recorded in the group's retained earnings in the balance sheet. Following this transaction, Singtel will continue to hold a 21.7% effective stake in Airtel Africa, comprising a 17.8% indirect stake through its regional associate Airtel and a 3.9% direct stake.
Shares in Singtel closed 1.15% higher on Mar 25 at $2.65.
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Photo: Bloomberg
