Airtel Africa Inches Closer To IPO, Appoints Board Of Directors

Bharti Airtel’s subsidiary Airtel Africa that operates in 14 countries in the African continent on Friday announced a set of new Board of Directors as a prerequisite for its intended IPO.

The Board of Directors includes representatives from Airtel and the investors. The Board of Directors includes – Sunil Bharti Mittal, Raghunath Mandava, Akhil Gupta, Vishal Mahadevia, Alok Sama, Arthur Lang, Shravin Bharti Mittal and Richard Gubbins.

The constitution of the company Board follows recent successful primary equity issuance of $1.25 Billion to six leading global investors comprising of Warburg Pincus, Temasek, Singtel, SoftBank Group International and others.

“The newly constituted Board together brings extensive experience across industry verticals including – Telecom & ICT, financial markets as well as in technology, software development and consultancy. Additionally, the combined strength of the Board of Directors also brings wealth of industry and governance experience to further drive Airtel Africa business,” the company said in a statement.

Airtel Africa is experiencing healthy revenue growth in voice and data services and also strong performance in its Airtel Money business. Its financial performance continues to improve, having turned positive in terms of net profit and operating free cash flow.

During the second quarter ending 30 September 2018, the Company’s revenues grew by 10.8% Y-o-Y led by strong growth in data and Airtel money transactions. Mobile data traffic expanded by 53% to 89 Bn MBs Y-o-Y. While data customer base increased by 32.1% to 27.1 Mn, Airtel Money customer base increased to 12.9 Mn, boosting the total transaction value on Airtel Money platform by 31% to $ 6.3 billion. The Company also witnessed an improvement of EBITDA margin by 3.9% Y-o-Y to 37.1%.

In most of the markets in which it operates, Airtel Africa ranks amongst the top two operators. With 4G services live in ten countries and in process of rollouts in most others, Airtel Africa is well placed to capture a significant market share of the rapidly growing data demand across countries.

Airtel Africa operates in 14 countries across Africa, namely: Nigeria, Chad, Congo B, Democratic Republic of Congo, Gabon, Madagascar, Niger, Kenya, Malawi, Seychelles, Tanzania, Uganda, Zambia and Rwanda.

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