Bharti Airtel will delist its Lusaka-listed Celtel Zambia unit following a mandatory offer to buy out minority shareholders that raised its shareholding to almost 97 percent, it said on Friday.
India’s Bharti Airtel, which owned about 79 percent of the Zambian unit after acquiring the African assets of Kuwait’s Zain this year, made an offer to buy out minority shareholders in November, in accordance with local law.
Bharti Airtel said in a statement that trading in the company’s shares would not resume because it now held more than a 90 percent of the stake in the company.
“The company intends to delist and shall make an application to delist from the Lusaka Stock Exchange pursuant to the provisions of the listing rules,” it said.
The company also said it would buy all the remaining minority shares.
Under local rules, companies are usually delisted if a single shareholder owns more than a 95 percent stake.
Bharti Airtel is waging a price war in sub-Saharan Africa and plans to spend at least $1.1 billion on network upgrades in the next three years.