Airtel Africa Plc – Airtel Kenya’s parent Company has announced plans to sell 4,500 cell towers across five countries to help the company reduce a $3.5 billion debt.
The operator plans to sell towers in Tanzania, Madagascar, Gabon, Malawi, and Chad, according to chief executive officer Raghunath Mandava.
“We are constantly seeking to bring down our debt, and we prefer to bring it down even faster with the tower deals,” he told the news agency. The company will rent the towers back from the buyers, he added.
According to the annual report of the telecoms firm, Airtel has a repayment of 750 million euros ($890 million) due in May, while an installment of $505 million is due in March 2023.
Airtel Africa reported a profit after tax declined at the end of Q2 (ending September 30), taking in $145 million compared to £228 million in the same period last year.
The operator reported a growth in the customer base by 12pc to 116.4 million. Airtel Africa says that its revenues jumped by 10.7pc to $1,815 million, with a 14.3pc growth in the second quarter.
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