(Alliance News) - Airtel Africa PLC on Thursday said Chimera Investment LLC is now an additional investor in Airtel Mobile Commerce BV.
The London-based telecommunications and mobile money services company said it retains its majority stake in Airtel Mobile Commerce, its mobile money operation.
Chimera Investment purchased GBP50 million in shares. This gives the investment firm a minority stake alongside Airtel Africa's other investors.
Airtel Africa said the transaction is a continuation of the group's pursuit of strategic asset monetisation and investment opportunities. Airtel Africa added it intends to explore the potential listing of Airtel Mobile Commerce within four years.
The proceeds from the investment will be used to reduce debt and invest in network and sales infrastructure in its operating countries.
For the year ended March 31, pretax profit and gross assets value attributable to Airtel Africa's mobile money business were USD185 million and USD668 million, respectively.
Shares were up 0.7% at 127.90 pence on Thursday in London.
By Heather Rydings; heatherrydings@alliancenews.com
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Airtel Africa (AAF)