Qatar Foundation Endowment to invest in Airtel.
The Qatar Foundation will make the investment through the
purchase of 199,870,006 new Bharti Airtel shares, representing a shareholding
of 5% in the telco.
Bharti Airtel said in a statement that the investment would
further strengthen the capital structure and provide further flexibility for it
to deliver on its growth strategy.
Sunil Bharti Mittal, chairman, Bharti Airtel, said: "I am
delighted to welcome another high quality long-term institutional investor to
our shareholder base. This strategic partnership with QFE demonstrates the
confidence they have in the Company and our strategy for growth. In addition,
this agreement exemplifies further strengthening of the already deep economic
and cultural relations between Qatar
We look forward to a long and fruitful partnership with QFE".
Rashid Al-Naimi, acting CEO at QFE, said: "We are excited to
be making a significant investment in one of the leading telecommunications
companies in the world. As a long-term global investor, our shareholding gives
us exposure to a high growth sector in key emerging markets. QFE looks forward
to supporting Bharti in realising the full potential of this world class
business." Goldman Sachs acted as sole financial advisor to QFE on this
2013 ITP Business Publishing Ltd. All Rights Reserved.
Provided by Syndigate.info an Albawaba.com company