Airtel Africa Begins Second Tranche of $100m Shares Buyback
Airtel Africa said Monday it has initiated the second tranche of its $100 million share repurchase program. The buyback solely aims to reduce the group’s capital.
Airtel announces the commencement today of the second tranche of its $100 million share buy-back programme in a regulatory filing submitted on the Nigerian Exchange.
“This is further to its announcements on 1 February 2024 and 1 March 2024, and follows the completion of the first tranche of the Programme”, the telecom told the regulator.
According to the statement, the second tranche of the share buy-back will amount to a maximum of $50 million and is anticipated to end on or before 19 December 2024.
Airtel Africa revealed it has entered into an agreement with Citigroup Global Markets Limited to conduct the second 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. The sole purpose of the buy-back programme is to reduce the capital of the Company, the statement reads.
Airtel said all shares purchased under the buy-back programme will be cancelled.
“Any purchases of ordinary shares under the buy-back programme by Citi will be carried out in accordance with certain pre-set parameters set out in the agreement.
Airtel said it purchases will be in accordance with the general authority to repurchase ordinary shares on the London Stock Exchange granted by its shareholders from time to time.
At the annual general meeting on 3 July 2024, shareholders gave the Company authority to purchase a maximum of 374,141,187 ordinary shares. The telecom company said purchases may continue during any closed periods of the Company during the engagement period. #Airtel Africa Begins Second Tranche of $100m Shares Buyback
