Airtel Kenya is looking to sell a 30% stake in its business to local investors as it seeks to comply with regulations on local ownership thresholds ahead of the March 2024 deadline. Business Daily quotes Airtel Africa’s CEO Segun Ogunsanya as saying that the operator is in talks with the Communications Authority of Kenya (CA) and the Ministry of Information, Communications and Digital Economy over its plans to either sell a portion of its shares to a strategic investor or list the local unit on the Nairobi Stock Exchange (NSE).
‘There are a number of options. We can identify a local shareholder or we can also list on Kenya’s stock exchange,’ Ogunsanya said, adding: ‘We keep discussing with the regulator as to which one is the best vehicle to ensure there is local participation in the business. We commit to getting this done before the deadline next year, March 2024.’ Airtel is yet to involve a transaction advisor in the stake sale discussions, the Airtel Africa CEO noted.