Shares of Airtel Africa hit all-time high, to invest $60 million in Tanzania
Shares of Airtel Africa hit an all-time high on Wednesday, lifting Nigeria's main stock index, after the telecommunications company said it will use proceeds of a tower sale in Tanzania to reduce debt and invest in the East African nation.
Airtel , the third-biggest listed firm in Nigeria, with a dual listing in London, gained the maximum 10% allowed to 1,050.50 naira.
The main index was up 1.05% at a seven-week high.
Airtel Africa, with a presence in 14 African countries, announced the first closing of the transaction to sell its tower assets in Tanzania to a joint venture company for $176.1 million.
Around $60 million of the proceeds will be invested in network and sales infrastructure in Tanzania and for distribution to the Tanzania government, with the balance of the proceeds used to reduce debt.