Airtel Africa Plc has started its share buy-back program, as announced subsequent to its previous declaration on February 1, 2024, following the release of its nine-month results up to December 31, 2023.
This information was disclosed in the company’s notice to the Nigerian Exchange Limited (NGX) and the investment public.
The statement, signed by Alastair Jones of Airtel Africa Investor Relations, outlines that the share buy-back program will commence from today onwards. Over a duration of up to 12 months, it aims to return up to $100 million to shareholders.
The share buy-back programme is expected to be phased over two tranches, with the first tranche commencing today and anticipated to end on or before 31 August 2024.
According to the telecom firm, the first tranche will amount to a maximum of $50 million adding that the Company has entered into an agreement with Citigroup Global Markets Limited 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.
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