Airtel Africa Market Cap Slumps By N314.557bn
Airtel Africa Plc market capitalisation slumped by N314.557 billion, representing 10 percent of its market share during the weekly trading session on the Nigerian Stock market.
The market capitalisation which opened trading on Tuesday at N3.145 trillion declined to N2.831 trillion, which represents a 10 percent loss of its equity on the NGX.
Figures obtained on the NGX showed that its share price also fell to N753.3 Kobo per share from N837 per share, which also indicated 10 percent or N83.7 Kobo drop on its share price.
Airtel which share has traded for N837 per share for weeks dipped and has traded for N753.3 Kobo per share since the commencement of treading for this week.
At its peak for the past one year, Airtel’s shares sold for N930 per share, while it went for N328.7 Kobo per share at its lowest price in the last twelve months.
Airtel is the third biggest company on the Nigerian Bourse in terms of market capitalisation, behind Dangote Cement Plc and MTN Nigeria Communications Plc at N3.919 trillion and N3.358 trillion respectively.
The decline of Airtel on the Stock market is coming ahead of the assumption of Olusegun Ogunsanya as the Chief Executive Officer of the Group.
Airtel Africa had in late April appointed Olusegun Ogunsanya, its Managing Director and CEO in of Airtel Nigeria to replace Raghunath Mandava, as Managing Director and Chief Executive Officer of the parent company. He will join the Board of Airtel Africa plc with effect from 1 October 2021.
Ogunsanya joined Airtel Africa in 2012 as Managing Director and CEO of Nigeria and has been responsible for the overall management of the operations in Nigeria.
He has more than 25 years’ business management experience in banking, consumer goods andtelecoms. Before joining Airtel in 2012, Segun held leadership roles at Coca-Cola in Ghana, Nigeria, and Kenya (as MD and CEO). He has also been the Managing Director of Nigerian Bottling Company Ltd (Coca-Cola Hellenic owned) and Group head of retail banking operations at Ecobank TransnationalInc, covering 28 countries in Africa. He is an electronics engineer and also a chartered accountant.
Raghu Mandava will be retiring as Managing Director and Chief Executive Officer, as a Director of Airtel Africa plc and as a member of the Market Disclosure Committee on 30 September 2021. Arrangements have been made to ensure a smooth transition of responsibilities. Following his cessation of employment at Airtel Africa, Mr. Mandava will be available to advise the Chairman, the Airtel Africa Board and the Managing Director and Chief Executive Officer for a 9-month period.
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