Telecommunications tower operator IHS Holding is exploring a possible sale of its companies in Rwanda and Zambia, folks with information of the matter stated.
The New York-listed firm plans to gauge curiosity from potential patrons for its operations within the two international locations, in response to the folks. Some proceeds from any disposals can be used to pay down debt, the folks stated, asking to not be recognized as the data is non-public.
IHS operates 40 000 towers throughout Africa, Latin America and the Center East, in response to its web site.
The corporate’s income has been harm by the devaluation of the naira in Nigeria, the corporate’s largest market. The foreign money slumped greater than 70% in opposition to the greenback since President Bola Tinubu got here to energy in Might 2023 and started implementing overseas alternate and different financial reforms.
IHS stated in March that it’s working with advisers together with JPMorgan Chase & Co to guage strategic options for the enterprise throughout its portfolio and capital allocation priorities.
Regardless of the foreign money devaluation in Nigeria, “we imagine within the underlying energy of our enterprise and imagine our fairness is undervalued given Africa’s perceived place within the world markets”, the telecoms infrastructure agency stated.
Capital elevate
Deliberations are at an early stage and IHS may determine to maintain the property for longer, the folks stated. Representatives for IHS and JPMorgan declined to remark.
IHS lately gave extra particulars on its plans, asserting that it wants to lift between US$500-million and $1-billion. Shares of IHS have fallen greater than 80% because the firm listed in New York in 2021. — Loni Prinsloo, Vinicy Chan and Jillian Deutsch, (c) 2024 Bloomberg LP
