Airtel plans to exit Ghanaian telecom market

By: |
October 27, 2020 7:53 PM

"Bharti Airtel in its board meeting held earlier today announced the approval of the board for concluding an arrangement with Government of Ghana wherein Government of Ghana will acquire 100% shares of Airtel Ghana Ltd (AirtelTigo...) along with all customers, assets and agreed liabilities," the company said in a filing to NSE.

Bharti Airtel, bharti airtel share, msci rejigBharti Airtel reported its fiscal second quarter consolidated net loss which shrunk 97% on-year to Rs 763.2 crore

Airtel on Tuesday said it is planning to exit the Ghanaian telecom market.

Bharti Airtel in its board meeting held earlier today announced the approval of the board for concluding an arrangement with Government of Ghana wherein Government of Ghana will acquire 100 per cent shares of Airtel Ghana Ltd (AirtelTigo…) along with all customers, assets and agreed liabilities,” the company said in a filing to NSE.

The parties are in advanced stage of talks for conclusion of the commercial agreement for the transfer of AirtelTigo on a going concern basis to the Government of Ghana, it added.

Accordingly, Airtel is voluntarily taking an impairment charge of Rs 184.1 crore, it said.

AirtelTigo is a joint venture between Airtel and Millicom, wherein Airtel holds a non-controlling 49.95 per cent stake in AirtelTigo, it added.

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