Wednesday, 25 January 2017

AIRTEL MIGHT BE SOLD AGAIN DUE TO POOR FINANCIAL REPORTS

 

Airtel Nigeria might be having a new name soon as there are plans to sell off the company again. According to information available, the company has already sold its Sierra Leone and Burkina Faso operations, as well as some of its tower businesses. But with other GSM companies making huge fortune in Nigeria, Airtel continue to look like a company in bad hands.


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Recently, Bloomberg claimed that Airtel “is considering mergers or stake sales at some of its Africa operations as it looks to cut debt and make its biggest overseas acquisition profitable.”  Speaking at the World Economic Forum in Davos, Mr. Mittal, the chairman of Bharti Airtel, said this process would be completed within a year and would affect some of Bharti’s businesses in 15 African nations in which Nigeria is not an exception.

Airtel is the only GSM Company in Nigeria that hasn’t deployed 4G LTE services for its subscribers till date. Airtel has       also proven to be anti-development by restricting SME to just 2 shares of data (but not more than 1GB).


Apparently, business has not been smooth in these 15 African nations as they lost $91 million in the quarter ended September, compared with a $170 million loss in the previous year.

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