Bharti confirms it will reapply for Zambian delisting

16 Feb 2011

Swiftly following the revelation that its plans to delist its Zambian subsidiary from the local exchange had been rejected, Indian telecom giant Bharti Airtel has confirmed it will try again after the regulator gave it permission to buy out the remaining minority shareholders in the cellco. According to Bloomberg, Bharti has been in talks with the Zambian Securities and Exchange Commission (SEC) and other authorities with a view to obtaining permission to delist, and it is understood that it has gained the right to buy out the remaining 3% of shares in Airtel Zambia it does not already hold. Commenting on the matter Michael Liwelela, director of the SEC, said: ‘If the minority shareholders are not happy they can challenge the decision in court.’ Bharti’s most recent offer for the outstanding shares of ZMK710 (USD0.15) per share was rejected in December 2010.

As previously reported by CommsUpdate, earlier this week it was confirmed that Bharti’s attempt to have Airtel Zambia delisted had been rejected, with Friday Ndhlovu, chairman of the Zambian bourse, claiming that the Indian company had failed to follow the correct procedure in attempting to delist the company, while the application ‘lacked merit’.

Zambia, Airtel Zambia, Bharti Airtel