Airtel Africa
plc
('Airtel
Africa', or the 'Company')
Announcement of second share
buyback programme
London and Lagos, 23 December 2024: Airtel Africa, a leading provider of telecommunications and
mobile money services, with a presence in 14 countries
across Africa, announces the commencement of a second share
buyback programme that will return up to $100 million to
shareholders.
The share buyback reflects the
Board's confidence in the Company's continued growth potential, the
strength of its balance sheet and the consistent cash accretion at
the holding company level. Furthermore, the buyback remains in line
with the Company's existing capital allocation policy. The
programme will be executed in accordance with applicable securities
laws and regulation.
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 24 April 2025.
The first tranche will amount to a maximum of $50 million. The
Company has entered into an agreement with Barclays Capital Securities Limited ("Barclays") 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 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.
Further details of the share buy-back
programme
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 328,842,995 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.
-ENDS-
Enquiries
|
Airtel Africa - Group Company Secretary
Simon O'Hara
|
+44 207 493 9315
|
About Airtel Africa
Airtel Africa is a leading provider
of telecommunications and mobile money services, with operations in
14 countries in sub-Saharan Africa. Airtel Africa provides an
integrated offer to its subscribers, including mobile voice and
data services as well as mobile money services both nationally and
internationally. The company's strategy is focused on providing a
great customer experience across the entire footprint, enabling our
corporate purpose of transforming lives across Africa.
www.airtel.africa