|
Listen now
|
Airtel Africa has purchased 3,159,643 ordinary shares in aggregate, at a volume weighted average price of GBp 96.07 per ordinary share as part of its share buy-back programme announced on 1 March 2024.
The ordinary shares of USD 0.50 each were purchased on the London Stock Exchange from Citigroup Global Markets Limited pursuant to the authority granted by its shareholders as part of its share buy-back programme, details of which were announced on 1 March 2024.
Airtel Africa, had announced the commencement of its share buy-back programme on the London Stock Exchange, following the publication of its nine-month results ended 31 December 2023.
The share buy-back will return up to $100 million to shareholders over a period of up to 12 months.
The share buy-back programme is expected to be phased over two tranches, and anticipated to end on or before 31 August 2024.
The first tranche will amount to a maximum of $50 million. 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 the 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. As such, all shares purchased under the buy-back programme will be cancelled. This buy-back programme reflects the significant progress made in recent years to reduce leverage and strengthen the Company’s balance sheet.
In light of the cash accretion at the holding company level, the current leverage and the consistent strong operating cash generation, the Company is well positioned to undertake this share buy-back to enhance shareholder returns which is consistent with its existing capital allocation policy.
Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, primarily in East Africa and Central and West Africa.
Airtel Africa offers an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services as well as mobile money services both nationally and internationally.
Follow the MoneyCentral Nigeria channel on WhatsApp: Click here!