Bharti to make open offer for 22% stake in Zain Zambia

Bharti Airtel will make an open offer to buy the remaining 22 per cent stake in Zambia's leading telecom entity, Zain Zambia.

Sunil Mittal-led Bharti Airtel acquired the African business of Kuwait-based Zain in a $10.7 billion-deal, which was completed in June. As part of the transaction, the firm bought Zain's operations in 15 countries, including Zambia.

Bharti Airtel has already acquired a 78 per cent stake in Zain Zambia.

According to sources, since the company is listed on the Lusaka Stock Exchange, the Indian firm will be required to make an open offer to Zain Zambia's shareholders for the remaining 22 per cent stake.

When contacted, a Bharti Airtel spokesperson said that the timing of the open offer would be decided only after getting the necessary regulatory approvals from the relevant authorities in Zambia.

Last month, Bharti Airtel CEO (International) Manoj Kohli said the company would work with Zambia's government to extend telecom services to all corners of the country.

"We are here for the long run and want to be a partner in the growth story on Zambia. We believe we have inherited very well run operations in Zambia...," he had said.

With the acquisition of Zain's Africa assets, Bharti Airtel became the fifth-largest mobile company globally, with more than 180 million customers.

Apart from Zambia, the Indian firm had acquired Zain's operations in Burkina Faso, Chad, Congo Brazzaville, the Democratic Republic of Congo, Gabon, Ghana, Kenya, Madagascar, Malawi, Niger, Nigeria, Sierra Leone, Tanzania and Uganda.