Airtel Africa has recently introduced a share buy-back scheme. Owners of shares in Airtel Africa will get a buyback scheme worth up to $100 million for a year. The nine-month results for the fiscal year that ends on December 31, 2023, were released on February 1st, and this announcement came after that.
Airtel Africa Recently Introduced a Share Buy-back Scheme
The first tranche of the two-phase share buyback is scheduled to conclude on or before August 31. The buyback started on Friday, today.
There is a $50 million maximum value for the first tranche. To acquire its ordinary shares on the market and serve as the principal of the first tranche of the buyback, Airtel has entered into an arrangement with Citigroup Global Markets Limited. The company will eventually buy the shares from Citi.
Airtel Statement Released by the Nigeria Stock Exchange
“Under this agreement, Citi will act as a riskless principal and make decisions independently of the company,” Airtel said in a statement released by the Nigeria Stock Exchange.
According to the operator, the buyback program’s only goal is to lower the company’s capital. As a result, all shares acquired through the buyback scheme will be canceled.
“This buy-back program reflects the significant progress made in recent years to reduce leverage and strengthen the company’s balance sheet.”
In due course, Airtel plans to make preparations to start a second tranche of the $50 million share buyback program. Airtel is currently present in 14 African nations.
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