India-based Bharti Airtel increased its stake in Robi Axiata for an undisclosed sum as the Bangladesh operator prepares to list its shares on the local exchange to raise funds for a planned network expansion.
In a stock market filing, Bharti Airtel said its subsidiary Bharti International (Singapore) acquired an additional 6.3 per cent interest in Bangladesh’s second-largest operator by subscribers to take its holdings to 31.3 per cent. It acquired the stake from NTT Docomo.
Malaysia-based Axiata Group holds the remaining 68.7 per cent.
Robi applied to conduct an IPO [1] in early March.
In the filing, Bharti Airtel said it purchased the shares from NTT Docomo at a mutually agreed valuation. The transaction requires approval from the Bangladesh Telecommunication Regulatory Commission.
Bharti Airtel merged its Bangladesh unit with Robi [2] in November 2016. At the time, Airtel had less than a 7 per cent market share in the country and was the fourth-largest of eight players.
[1] https://www.mobileworldlive.com/asia/asia-news/robi-applies-for-ipo-to-fund-network-upgrade/
[2] https://www.mobileworldlive.com/asia/asia-news/bangladeshs-pm-clears-robi-airtel-merger/
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