Airtel and Vi sell stakes in FireFly to Manipura Digital Infrastructure OPCO Pte Limited (India)
Bharti Airtel and Vodafone Idea Limited (Vi) have signed a deal to sell their stakes in the Wi-Fi joint venture (JV), FireFly Networks, to Singapore-based Manipura Digital Infrastructure OPCO Pte Limited for a total value of Rs 121 million. According to their respective stock exchange filings, Airtel and Vi will each receive Rs 60.5 million. With this deal, Airtel and Vi will fully exit the venture but will continue to be Firefly’s customers. The new owners plan to invest up to $100 million in the next two years to help the company expand services across the country.
Vi secures loan worth Rs 20 billion from HDFC Bank
Vi has reportedly secured a loan worth Rs 20 billion from HDFC Bank. The funding will help the operator meet its overdue licence fees and 5G spectrum payment commitments amid the possibility of equity infusion in the company by December 2023. The loan tenor is two years. The funds were disbursed in September 2023, just ahead of the repayment deadlines for some accumulated loans and statutory payment commitments. HDFC Bank has asked Vi’s major lenders to ensure that, in case of any issue with the company’s payments in the future, the repayment to this loan account is not impacted.
MTNL sets 7.8 per cent semi-annual coupon on 10-year government-guaranteed bonds
Mahanagar Telephone Nigam Limited (MTNL) has set a semi-annual coupon of 7.8 per cent on its government-guaranteed bonds maturing in 10 years. The telco has also accepted bids worth Rs 25.7 billion for the issue, for which it had invited bids earlier. In August 2023, MTNL had raised Rs 10.55 billion through 10-year government-guaranteed bonds with a semi-annual coupon of 7.61 per cent. Meanwhile, in July 2023, it had raised Rs 24.8 billion through government-guaranteed bonds at a semi-annual coupon of 7.59 per cent.
Vi to conclude equity funding talks during Q3 FY2024
Vi has announced that it will close its equity funding talks in the third quarter (Q3) of financial year 2023-24, which will be followed by bank lending. According to the telco, discussions with equity investors have progressed since the previous quarter. The operator is also in talks with banks for additional funding, which is contingent on tying up the equity-led funding first.
Summit Telco Corp acquires 25 per cent stake in DITO CME Holdings (Philippines)
Summit Telco Corporation Pte Limited has acquired a 25 per cent stake in DITO CME Holdings Corporation through the purchase of shares worth PhP 3.3 billion ($58.1 million). In a stock exchange filing, the company reported that Summit Telco has acquired 3.3 billion shares, priced at PhP 1 each. As per the disclosure, DITO CME Holdings increased its total number of issued and outstanding shares from 16.24 billion to 19.54 billion, increasing its stake in the company to 25 per cent (4.89 billion shares). In September 2023, Summit Telco purchased an 18.5 per cent stake in DITO Holdings Corp. for PhP 2.24 billion. According to the company, the funds will be used for network expansion, access quality improvement and enhancement of user experience, particularly in 5G fixed wireless access services and mobile post-paid product offerings.
Airtel Uganda’s IPO undersubscribed; receives 54.5 per cent subscription rate (Uganda)
Airtel Uganda’s initial public offering (IPO) has been undersubscribed, with a 54.45 per cent subscription rate for the $213 million worth of shares offered for sale. The operator launched its share sale on August 29, 2023 and set the share price at $0.03, to offload a 20 per cent stake. It received offers for the purchase of 4.36 billion of the 8 billion shares on offer, raising a total of $5.59 billion. Retail investors represented just 0.3 per cent of the shares sold.
AXIAN Telecom completes deal to raise stake in Free to 80 per cent 
(Senegal)
AXIAN Telecom has announced the completion of the transaction to increase its equity stake in Senegal-based JV Free from 40 per cent to 80 per cent. Free Senegal was previously owned by the Saga Africa Holdings consortium comprising the NJJ Group, the Teyliom Group and the AXIAN Group.
Expresso Telecom to increase share capital to $33.5 million
Expresso Telecom has announced plans to increase its share capital from the current XOF 5 billion to XOF 20.8 billion ($33.5 million) by issuing almost 1.59 million new shares at XOF 10,000 each. The new shares will be reserved in preference for holders of existing shares registered in the company’s share register, at the rate of one preferential subscription right per existing share.
PKV sells 3.7 per cent stake in TIME dotcom (Malaysia)
Pulau Kapas Ventures (PKV), an associate of Khazanah Nasional Berhad, has sold 3.7 per cent stake (equivalent to 67.5 million shares) in TIME dotCom. Despite the share sale, PKV remains TIME’s largest shareholder, with a 25.1 per cent stake compared to the previous 28.8 per cent.
