Government close to acquiring 49.5% in AirtelTigo

0

The government has confirmed it has reached an advanced stage to purchase the 49.5% shares of Airtel in AirtelTigo temporarily.

According to a statement from the Communications Ministry, it has gone far with discussions with AirtelTigo to transfer Airtel’s shares to government.

“The Government of Ghana, Airtel and Tigo are in advanced stages of discussions for the transfer of AirtelTigo shares to the Government of Ghana along with all customers, assets and agreed liabilities.”

The government is optimistic it will conclude the deal shortly when definitive agreements are made between the parties, and thus the acquisition of Airtel is temporarily as it will handover the shares later.

“The Government of Ghana through this transaction, will temporarily operate this national asset in the best interest of the nation, and ensure the protection of the interests of all employees, customers and stakeholders, and a continuation of the digital transformation in Ghana,” it said.

The statement noted that “given the multiplier impact the telecommunications sector has on the economy and various related industries, the Government of Ghana has entered into this agreement to ensure that thousands of Ghanaian jobs are safe guarded”.

“It is of critical importance that the telecommunications sector remains healthy, dynamic, vibrant, and most importantly, competitive,” it emphasised.

Bharti Airtel yesterday announced in a statement that it will sell 100% shares of its Ghana business for $25 million to the Ghana government, which will acquire customers, assets and agreed liabilities.

The transfer of shares was approved by Bharti Airtel’s board on Tuesday, which also cleared consolidated financial results for July-September.

A letter sent to the National Stock Exchange of India and signed by Deputy Company Secretary and Compliance Officerm Rohit Krishan Puri, said the Government of Ghana and AirtelTigo are in advance stages of conclusion of the agreement for transfer of the latter as a going concern.

LEAVE A REPLY

Please enter your comment!
Please enter your name here