Airtel to exit the Ghanaian telecom market

Bharti Airtel Limited ("Airtel") in its Board Meeting held earlier today announced the approval of the Board for concluding an arrangement with the Government of Ghana wherein Government of Ghana will acquire 100% shares of Airtel Ghana Limited ('AirtelTigo' or the 'Company') along with all customers, assets and agreed liabilities.

The parties are in advance stages of discussions for conclusion of the commercial agreement for the transfer of AirtelTigo on a going concern basis to the Government of Ghana. Accordingly, Airtel is voluntarily taking an impairment charge of INR 1,841 Mn.

AirtelTigo is a joint venture between 'Airtel' and 'Millicom' wherein Airtel holds a noncontrolling 49.95% share in AirtelTigo.

Shares of BHARTI AIRTEL LTD. was last trading in BSE at Rs.433 as compared to the previous close of Rs. 434.05. The total number of shares traded during the day was 540949 in over 12171 trades.

The stock hit an intraday high of Rs. 438.7 and intraday low of 427.55. The net turnover during the day was Rs. 234245829.

Source : Equity Bulls

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