Airtel Africa Plc has announced the launch of a second share buyback programme, aimed at returning up to $100 million to its shareholders.
The primary goal of the buyback is to reduce the Company’s capital. All shares acquired under the programme will be cancelled.
The buyback will occur in two phases, with the first tranche beginning on December 23, 2024, and expected to conclude by April 24, 2025. The first tranche is set to reach a maximum value of $50 million.
Airtel Africa has partnered with Barclays Capital Securities Limited (Barclays) for the first phase of the buyback. Barclays will conduct on-market purchases of ordinary shares, which will then be purchased by Airtel Africa.
Under this arrangement, Barclays will act independently as a riskless principal in making purchase decisions.
The company stated that the buyback demonstrates the Board’s confidence in Airtel Africa’s growth prospects, the strength of its balance sheet, and the consistent cash flow at the holding company level.
The buyback is aligned with Airtel Africa’s capital allocation policy and will adhere to relevant securities laws and regulations.
Share repurchases will be made in line with pre-set parameters outlined in the agreement with Barclays and the limits granted by shareholders. During the Annual General Meeting on July 3, 2024, shareholders authorized the repurchase of up to 374,141,187 ordinary shares. After the completion of the previous buyback, the remaining repurchase authority stands at a maximum of 328,842,995 shares.
