Airtel Africa to List Kenya Unit on NSE as Licensing Requirement

Airtel Africa is ready to list its Kenyan operations on the Nairobi Securities Exchange (NSE) if the government keeps the stipulation as a part of its licensing requirements. This is according to the company’s chief executive.

The disclosures coincide with new regulatory negotiations and the telco’s expansion ambitions to launch a lightning-fast 5G mobile broadband network next month as it competes with big rival Safaricom.

“As part of our license obligation, there’s a requirement to list in Kenya. For the last couple of months, there’s been discussion around whether that condition is going to be changed or is going to stay. We still have been waiting for clarity from Kenya whether there’s still an obligation to list,” said Segun Ogunsanya, the Group CEO of Airtel Africa in a media transcript on its website.

“We are working on ways to comply with any lawful requirement of our licence. So, if we are obliged to list, we will list. But once again, there’s been some indication from Kenyan authorities that this may not be a requirement. But whatever requirement there is, we will meet it.”

The listing will see Kenyans trade shares in the second-largest telco in the country dominated by Safaricom.

As part of the country’s National Telecom Operator license, Airtel is close to listing on the Uganda Securities Exchange (USE).

On the condition that the prospectus is submitted to the capital markets authorities for clearance by June 30, 2023, the Uganda Communications Commission granted Airtel Uganda an extension of the listing obligation from December 15, 2022, to December 16, 2023, in June of last year.

“Airtel Uganda is working towards the listing with advisers and is confident it will meet the required deadline.”