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Airtel Africa begins $100 million share buy-back programme  

Airtel Africa Plc has initiated its share buy-back program, as announced subsequent to its previous declaration on February 1, 2024, following the release of its nine-month results up to December 31, 2023.  

This information was disclosed in the company’s notice to the Nigerian Exchange Limited (NGX) and the investment public, which was obtained by Nairmetrics. 

The statement, signed by Alastair Jones of Airtel Africa Investor Relations, outlines that the share buy-back program will commence from today onwards. Over a duration of up to 12 months, it aims to return up to $100 million to shareholders. 

The share buy-back programme is expected to be phased over two tranches, with the first tranche commencing today and anticipated to end on or before 31 August 2024.  

According to the telecom firm, the first tranche will amount to a maximum of $50 million adding that the Company has entered into an agreement with Citigroup Global Markets Limited (“Citi”) to conduct the first tranche of the buy-back and carry out on-market purchases of its ordinary shares with the Company subsequently purchasing its ordinary shares from Citi.  

Under this agreement, Citi will act as riskless principal and will make decisions independently of the Company.  

It noted that the sole purpose of the buy-back programme is to reduce the capital of the Company. As such, all shares purchased under the buy-back programme will be cancelled.  

According to the company, the purchases of ordinary shares under the buy-back program will adhere to specific pre-set parameters established in the agreement with Citi, as well as in compliance with the Company’s general authority to repurchase ordinary shares granted by its shareholders.

This authority was granted at the annual general meeting on July 4, 2023, where shareholders approved the purchase of a maximum of 375,815,150 ordinary shares. 

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