London listed Airtel Africa PLC is seeking to sell a minority in its Mobile Financial Services (MFS) platform popularly known as Airtel Money. This is being done in a bid to raise some cash by the Africa telecom giant.
The Multinational telecom company which operates in 14 countries in Africa including Uganda, Kenya and Nigeria says the move is part of strategy of selling some assets. In a trading update the firm says it is actively perusing the sale of the remaining owned tower sites that site across several of its operating countries and Airtel Africa group is in discussions with several investors in relation to possible minority investments into Airtel Money.
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The Airtel has neither indicated the shareholding percentage nor the amount of cash it could raise from the proposed deal. Airtel Money’s revenues in all of the 14 African Markets stood at $ 291 million in the nine months ended December 2020, this contributed a 34.2% growth in constant currency terms from $228 million in 2019. Over the same period the value of translations on the platform rose to $ 34.3 billion from $23.3 billion.
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