Airtel Africa, a prominent telecommunications and mobile money service provider with operations in 14 African countries, has announced the initiation of the second tranche of its $100 million share buy-back programme. This follows earlier announcements made on 1 February 2024 and 1 March 2024, and the successful completion of the first tranche.
The second tranche will involve a maximum expenditure of $50 million and is expected to conclude by 19 December 2024. Airtel Africa has engaged Citigroup Global Markets Limited (Citi) to oversee this phase of the buy-back. Citi will execute on-market purchases of Airtel Africa’s ordinary shares, which will be subsequently acquired by the Company. Citi will act as a riskless principal, making independent decisions regarding the transactions.
The primary objective of this buy-back programme is to reduce the Company’s capital. Consequently, all shares acquired under this programme will be cancelled. The purchases will adhere to specific pre-set parameters outlined in the agreement between Citi and Airtel Africa. Additionally, transactions will comply with the limits established by the Company’s general authority to repurchase shares on the London Stock Exchange, as granted by shareholders, and will be conducted in accordance with the UK Listing Rules and Market Abuse Regulation (EU) No 596/2014.
The buy-back may proceed even during any closed periods of the Company throughout the engagement period.
