Airtel Africa Commences Second Tranche of $100m Share buy-back Programme

Airtel Africa Plc has announced the commencement of the second tranche of its $100 million share buy-back programme. This latest tranche, valued at up to $50 million, follows the completion of the first tranche and is expected to conclude on or before 19 December 2024.

The Group Company Secretary, Simon O’Hara in a notice filed on the Nigerian Exchange Limited (NGX) on Monday, explained that it had partnered with Citigroup Global Markets Limited (“Citi”) to execute the buy-back, with Citi acting as a riskless principal and making independent decisions regarding the purchase of shares.

He explained that the sole purpose of the buy-back programme was to reduce the capital of the Company. “As such, all shares purchased under the buy-back programme will be cancelled.”

The statement further read, “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 with Citi and Company purchases will be in accordance with (and subject to the limits prescribed by) the Company’s 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).

“Chapter 9.6 of the Financial Conduct Authority’s UK Listing Rules and the provisions of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended).

“Purchases may continue during any closed periods of the Company during the engagement period.”