Airtel Africa plc (NGSE:AIRTELAFRI) announced the intention to undertake an initial public offering of its local business, Airtel Malawi plc.

Airtel Malawi plc intends to apply for admission of its ordinary shares to trading on the main market of Malawi Stock Exchange (MSE). The indicative price range in respect of the Offer, as well as the exact number of Shares to be sold in the Offer, will be determined in due course. The Subsidiary will offer its shares for sale subject to relevant regulatory approvals and market conditions.

This listing will enable the Subsidiary to comply with Section 35 of the Communications Act of 2016, Regulation 26 (2) of the Communications (Telecommunications and Broadcasting Licensing) Regulations of 2016 and Clause 42.2 of the Subsidiary's operating license, which requires the Company to have at least 20% local Malawian shareholding.

The Subsidiary has engaged Standard Bank (Malawi) Plc to act as Book runner and as Lead Transaction Advisor to the company.