Airtel Zambia Minority Shareholders to Sue Over Delisting

Indian mobile giant Bharti Airtel’s bid to delist its Zambian subsidiary from the Lusaka bourse looks set to face further setbacks following reports that minority shareholders are now suing the company.

According to Reuters, the remaining minority shareholders, which account for around 3% of the total stock of Airtel Zambia, have filed an affidavit stating that they refuse to sell their holdings as they are unhappy with both the terms and price of sale proposed by Bharti.

‘The failure to comply with the Companies Act renders the subsequent acquisition notice impotent and without validity,’ the court document said. One sticking point is understood to be that Bharti has not disclosed the price at which it bought the bulk of its shares in the Zambian cellco, making it difficult for minority stockholders to decide on the matter.