Airtel Africa Plc, the pan-African telecommunications provider and a subsidiary of Bharti Airtel, the telecom giant led by Indian billionaire Sunil Bharti Mittal, has unveiled the second phase of its $100 million share buyback initiative, valued at $50 million.
The telecommunications provider announced the $50 million buyback plan in a Nigeria Exchange (NGX) filing on Monday, as it looks to optimize its capital structure and boost shareholder returns. This phase, running until Dec. 19, follows an earlier $50 million tranche managed by Citigroup Global, emphasizing its focus on enhancing shareholder value.
Strengthening balance sheets with buybackRaghunath Mandava, CEO of Airtel Africa, emphasized the significance of the buyback program in the company's broader financial strategy. He highlighted that repurchasing and canceling shares would not only enhance shareholder value but also strengthen the company's balance sheet. This move, according to Mandava, is a testament to Airtel Africa's commitment to regulatory compliance and transparency.
Citigroup Global Markets Limited is managing the buyback program, with the financial institution's Head of Equity Capital Markets, Jane Smith, expressing confidence in the process. She noted that Citigroup's role as a riskless principal ensures that the buyback is executed efficiently and in full compliance with regulatory standards.
