“We remain positive and committed to Africa in the long run. Airtel Africa serves a young demographic in a fast-growing market and is well positioned to benefit from rapid smartphone and mobile money adoption with the rise of the continent’s digital economy,” he adds.
Singapore Telecommunications (Singtel) announced that its wholly-owned subsidiary Singapore Telecom International has monetised a 1.6% stake in Airtel Africa through a market placement, as part of its capital recycling strategy. It raised net proceeds of approximately $150 million from the placement which was well oversubscribed.
Arthur Lang, Singtel's group CFO says, "We are pleased with the strong interest in the placement. This monetisation underscores our approach to actively pursue asset recycling opportunities and crystallise value from our assets to fund our new growth engines. It will also enhance the liquidity of Airtel Africa shares in the market and allow for more broad-based institutional investor participation.”
