2 Min Read
* To pay 4.35 naira to buyout stockholders
* Shares rise 41 pct on buyout plans, to delist (Adds details, company value)
LAGOS, Jan 30 (Reuters) - African phone tower group IHS Plc has won shareholder approval to take the company private and will pay $118 million to buy out equity holders, it said on Thursday.
IHS, which owns and manages base stations and towers that transmit mobile phone signals for telecom operators in Africa, did not give a date or reason for the delisting.
Shares in IHS, which have gained 41 percent this year, closed up 0.53 percent at 3.82 naira to value the telecoms infrastructure firm at $103 million. IHS is paying 4.35 naira per share ($0.03) to buy back its shares from stockholders.
Nigeria's bourse, which rose 47 percent in 2013 to emerge as one of the best performing in the world, is trying to position itself as a gateway into Africa but low liquidity and inability to attract larger firms to list has tainted its image.
Institutional investors in IHS include South Africa's Investec Asset Management, private equity firm Emerging Capital Partners, Dutch Development Bank, Wendel and Nigerian banks such as Skye Bank. ($1 = 162.85 naira) (Reporting by Chijioke Ohuocha; Editing by Elaine Hardcastle)