VenturesNow

Airtel Uganda to sell 20% stake in IPO

Published

1 year ago

August 29, 2023

Telco, Airtel says it plans to raise 800 billion Ugandan shillings ($216 million) by selling a 20% stake to drive the expansion of its Ugandan operations.

Airtel Tuesday announced details of its initial public offering (IPO) which puts it on track to be the the second listed telecoms company on Uganda’s stock exchange after MTN Uganda, majority-owned by South Africa’s MTN Group, which was listed in December 2021.

At a press conference on Tuesday, managing director, Manoj Murali said that the sales of the $8 billion share offer would begin right away and end on October 13.

“The IPO gives preference to Ugandan investors, including the company’s customers, to own a share in Airtel Uganda and participate in its future growth. This is very much in line with one of our core values of customer-centricity,” said Murali.

According to the offer prospectus, the IPO’s results will be revealed on October 30, and the shares will be listed on the Uganda Stock Exchange on October 31. It further revealed that the goal of the IPO was to “create a source of future finance to support its (Airtel Uganda’s) extended growth strategy.”

The first mobile cellular network in the nation was introduced in 1995 by Airtel Uganda, formerly known as Celtel Uganda Limited. The company was rebranded as Airtel Uganda after being purchased by Airtel in June 2010.

In order to achieve its goal of a dividend payout ratio of 95% of retained earnings or net profit after tax, whichever is larger, Airtel Uganda anticipates paying dividends totalling 500 billion Ugandan shillings in 2023.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

VenturesNow

Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

3 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”