HomeNewsZambia bourse to resume trading Bharti unit shares

Zambia bourse to resume trading Bharti unit shares

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LUSAKA (Reuters) – Shares of Bharti Airtel’s Zambian unit Celtel Zambia Plc will resume trading this week, ending a 17-month suspension after the Indian telecom failed to have the unit delisted.

The Lusaka Stock Exchange said in a statement on Monday that trading in Celtel would resume on Wednesday, having been suspended in February 2011 when Bharti lodged an application to delist the company.

Bharti applied for the delisting following a mandatory offer to buy out minority shareholders that raised its shareholding to almost 97 percent.

Some remaining minority shareholders sued both Bharti and Celtel, saying they did not want to sell their stake in the company because they were unhappy with the terms and price.

The bourse also said Bharti had withdrawn plans for the compulsory acquisition of minority shares.

Bharti Airtel had previously said it planned to delist the Zambian unit even after the local bourse rejected the initial proposal.

Separately, Zambia finance minister said on Friday that state-owned companies will be required to list on the stock exchange, a move that could help invigorate the small equity market in Africa’s top copper producer.

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