Airtel Zambia delisting hits another hurdle

11 Mar 2011

Just a day after reports that Bharti Airtel had contacted the 2,000 or so remaining minority shareholders in mobile network operator Airtel Zambia to inform them of its intention to forcibly require their holdings, the Lusaka Stock Exchange has once again rejected the Indian company’s bid to take full control of the cellco. According to Cellular News, the local bourse has claimed that Bharti has still not correctly followed procedures for delisting, while it also said it objected to the letter that Bharti had sent to Airtel Zambia shareholders in which it claimed they may be forced to sell their shares at a price of KRW710 (USD0.15) per share. Alongside this latest development it has been suggested by local press that Bharti is being pressured into increasing its offer for the outstanding stake in Airtel Zambia – it currently owns 97% of the company – to KRW1,126 per share.

Zambia, Airtel Zambia, Bharti Airtel