Airtel Africa Launches $55 Million Second Tranche of Share Buy-Back
Airtel Africa starts the second $55 million tranche of its $100 million share buy-back program, partnering with Barclays.
Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, has announced the commencement today of the second tranche of its $100 million share buy-back programme (the “Programme”). This is further to its announcements on 23 December 2024 and follows the completion of the first tranche of the Programme.
The second tranche of the share buy-back will amount to a maximum of $55 million and is anticipated to end on or before 19 November 2025. The Company has entered into an agreement with Barclays Capital Securities Limited (“Barclays”) to conduct the second tranche of the buy-back and carry out on-market purchases of its ordinary shares with the Company subsequently purchasing its ordinary shares from Barclays. Under this agreement, Barclays will act as riskless principal and will make decisions independently of the Company.
The sole purpose of the buy-back programme is to reduce the capital of the Company. As such, all shares purchased under the buy-back programme will be cancelled.
Any purchases of ordinary shares under the buy-back programme will be carried out in accordance with certain pre-set parameters set out in the agreement with Barclays and in accordance with (and subject to the limits prescribed by) the Company’s general authority to repurchase ordinary shares 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 and following the completion of the previous buyback, the remaining authority amounts to a maximum of 302,567,123 ordinary shares), Financial Conduct Authority’s UK Listing Rules 9.6 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.
