Bharti Airtel Plans To Pull-Out from Ghanaian Telecom Market. Check Out the details here!
By Priti Kumari
Just a couple of months after, when Airtel pulled out from Kenya, the news divulged that the Sunil Mittal Company is all prepared to exit from Ghana, vending its 100% share to the country's government.
On Wednesday, the company in its board meeting promulgated, "the approval of the board for concluding an arrangement with the Government of Ghana wherein Ghanaian Government will acquire 100% shares of Airtel Ghana Ltd 'AirtelTigo' along with all customers, assets and agreed liabilities".
The statement affirmed," Airtel is voluntarily taking an impairment charge of Rs 1,841million (Rs 184 crore)".In a statement to the BSE, Airtel confirmed," the parties are in advance stages of discussions for conclusion agreement for the transfer of AirtelTigo on a going concern basis to the Government of Ghana".
In the quarter ended September, Airtel Africa witnessed a net profit of $ 88 million and $ 57 million in the quarter ended June, with a net drop of 8.8% in profit per year. Indeed, AirtelTigo is a joint venture between 'Airtel' and 'Millicom' (International Cellular SA). Here, Airtel holds a non-controlling share of 49.95%. In 2017, Airtel had amalgamated its Ghana operations with Millicom which turned-out into Ghana's second-largest mobile carrier.
Presently, Bharti Airtel is operating in 14 African countries , with the firm name 'Airtel Africa'.