Airtel Africa Kicks Off 100 Million Buyback Program For Shareholders

Airtel Africa Announces 100 Million Share Buyback Program to Enhance Shareholder Returns

Airtel Africa Plc, a leading pan-African telecommunications provider and a subsidiary of Bharti Airtel, the Indian telecom giant led by billionaire Sunil Bharti Mittal, has unveiled a 100 million share buyback program aimed at increasing shareholder returns and strengthening its financial resilience.

The program, announced on Monday through a regulatory filing with the Nigeria Exchange Group NGX, highlights the companys confidence in its growth prospects and strong cash flow. This new buyback initiative follows a similar 100 million program completed in March 2024, reinforcing Airtel Africas commitment to reducing capital and rewarding its shareholders.

Program Details and Phases

The buyback will be executed in two phases. The first phase, valued at up to 50 million, will run from December 23, 2024, to April 24, 2025.

Barclays Capital Securities Limited will oversee the buyback, acting as an independent entity to conduct on-market purchases. The firm will acquire shares and resell them to Airtel Africa for cancellation, ensuring compliance with the UK Financial Conduct Authority Listing Rules and the EUs Market Abuse Regulation.

Shareholder Approval and Scope of Buyback

At its July 2024 annual general meeting, Airtel Africa received shareholder approval to repurchase up to 374.14 million ordinary shares. Following the completion of its previous buyback program, the company retains the authority to acquire up to 328.84 million shares under the current mandate.

The buyback can also proceed during closed trading periods, reinforcing Airtel Africas commitment to regulatory transparency and strong governance practices.