Bharti Says Airtel Africa IPO Won’t Change Shareholding Of Tanzania Unit

Bharti Airtel Ltd. sought to allay concerns of the Tanzanian government about the proposed listing of Airtel Africa Ltd., saying the planned initial public offering will not change the shareholding pattern of its unit in the African nation.

Amid reports that the Tanzanian government had raised objections to the ensuing IPO, Bharti Airtel issued a clarification asserting that the planned listing was, in no way, diluting the control of Airtel Tanzania. “We have vide our separate communications to the Tanzanian government clarified that the listing of shares of Airtel Africa will not change the shareholding or control of Airtel Tanzania or its parent company which holds shares in Airtel Tanzania i.e. Bharti Airtel Tanzania BV,” the company said in a regulatory filing.

Airtel would, even after the IPO, continue to majority own Airtel Africa and in turn the African operations, it added.

Airtel Africa Ltd., a U.K. incorporated subsidiary of Bharti Airtel, is intending to list its shares on an international stock exchange for funding the growth of its Africa businesses in 14 countries, including Tanzania, it said.

Airtel Africa’s operations span Nigeria, Chad, Democratic Republic of Congo, Gabon, Madagascar, Niger, Kenya, Malawi, Seychelles, Tanzania, Uganda, Zambia and Rwanda.