Can Airtel list mobile money unit and avoid $515m liability in six weeks?

Airtel Africa Plc is racing against time to list its mobile money subsidiary, Airtel Mobile Commerce BV (AMC BV), on the London Stock Exchange within six weeks to avoid a potential $515 million liability to minority shareholders. The liability stems from a put option agreement made in 2021, allowing minority investors (The Rise Fund, Qatar Holding, Mastercard, Chimetech Holding) to sell their shares if an IPO does not occur within four years. As of March 31, the liability reduced by $27 million due to dividend payments. AMC BV is 77.89% controlled by Bharti Airtel International.