(Alliance News) - An unnamed shareholder in Airtel Africa PLC on Wednesday sold GBP37.5 million worth of shares in the company through a placing, for which JP Morgan Cazenove acted as bookrunner.
Shares in the telecommunication services provider were down 13% to 74.00p in London, making it the worst performer in the FTSE 250.
The unidentified institutional investor sold 50 million shares at a price of 75 pence per share, reflecting a 1.3% stake in the company. The 75p per share price is a 12% discount to Tuesday's closing price of 84.80p.
Airtel Africa did not receive any proceeds from the placing
By Ivan Edwards; ivanedwards@alliancenews.com
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Airtel Africa (AAF)