Zambian SEC rejects Bharti’s bid for publicly listed stake in Zain Zambia
Zambia’s Securities and Exchange Commission (SEC) has rejected Indian operator Bharti Airtel’s latest bid for the publicly listed stake of its majority-owned mobile subsidiary Zain Zambia, The Post reports. According to the local newspaper, the SEC turned down a bid by Bharti Airtel of ZMK710 (USD0.144) per share for the 22% stake, with the offer refused on the basis that it was too far below market estimations.
This is the second time that Bharti has had an offer for the stake rejected; last month it put forward a ZMK675 per share proposal. It is believed that most commissioners at the SEC believe that the lowest acceptable price for Bharti to proceed with a mandatory offer would be ZWK1,126 per share.