Bharti not looking to delist Zambian subsidiary

23 Nov 2010

India’s Bharti Airtel has said that it will not delist its Zambian subsidiary, Reuters is reporting, citing comments made by Manoj Kohli, chief executive of Bharti’s international business. Having acquired around 78% of Airtel Zambia, which was formally rebranded with its new parent moniker earlier this week, Bharti has offered minority shareholders in the unit ZMK710 (USD0.15) per share in order to meet a local legal requirement that says smaller stakeholders must be given the opportunity to sell up when there is a change in the majority owner. Mr Kohli, however, has said that not many of the minority shareholders are expected to sell, noting: ‘We do not have any intention to delist. Of course some shareholders will sell their shares, but many of them will stay on … We are committed to Zambia in the long term and hope more of our shareholders will stay with us.’ Under Lusaka bourse regulations, a company has to delist if a single shareholder owns more than 95%.

Zambia, Airtel Zambia, Bharti Airtel