Bharti Airtel advances on merging Ghana operations with Millicom
NEW DELHI: Shares of Bharti Airtel gained as much as 2.29 per cent in early trade on Monday after the telecom major on Friday said it has entered into an agreement with Millicom International Cellular to combine the operations of their subsidiaries in Ghana. Millicom is a telecom and media company dedicated to emerging markets in Latin America and Africa.
As per the agreement, Tigo Ghana and Airtel Ghana will combine their operations in the African country. Airtel and Millicom would have equal ownership and governance rights in the combined entity.
Bharti Airtel was trading 0.90 per cent up at Rs 358.80 around 9.50 am. The scrip opened at Rs 361.95 and touched a high and low of Rs 363.75 and Rs 357.35, respectively. Benchmark BSE Sensex was up 190.71 points, or 0.66 per cent, at 29,023.16 around the same time.
According to the telecom major, the combined business would serve nearly 10 million customers, 5.6 million of whom are data customers.
The new entity would cover more than 80 per cent of Ghana's population with high speed data, providing the widest 3G coverage across the country, and would have revenues close to $300 million.
Bharti Airtel further added that that the transaction is subject to obtaining approvals from the relevant authorities in Ghana and the satisfaction of customary closing conditions.
As per the agreement, Tigo Ghana and Airtel Ghana will combine their operations in the African country. Airtel and Millicom would have equal ownership and governance rights in the combined entity.
Bharti Airtel was trading 0.90 per cent up at Rs 358.80 around 9.50 am. The scrip opened at Rs 361.95 and touched a high and low of Rs 363.75 and Rs 357.35, respectively. Benchmark BSE Sensex was up 190.71 points, or 0.66 per cent, at 29,023.16 around the same time.
According to the telecom major, the combined business would serve nearly 10 million customers, 5.6 million of whom are data customers.
The new entity would cover more than 80 per cent of Ghana's population with high speed data, providing the widest 3G coverage across the country, and would have revenues close to $300 million.
Bharti Airtel further added that that the transaction is subject to obtaining approvals from the relevant authorities in Ghana and the satisfaction of customary closing conditions.
