* To pay 4.35 naira to buyout stockholders
* Shares rise 41 pct on buyout plans, to delist
(Adds details, company value)
LAGOS Jan 30 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)