Joy Agwunobi
Airtel Africa Plc has announced significant progress in its ongoing share buy-back programme, which began on December 23, 2024. Since its inception, the company has acquired a total of 4,335,517 ordinary shares at a volume-weighted average price of 113.9577 GBp per share.
The share buy-back initiative, aimed at returning up to $100 million to shareholders, underscores the company’s commitment to reducing its capital base. All shares purchased as part of this programme will be subsequently cancelled.
On January 6, 2025, Airtel Africa confirmed the acquisition of 4,335,517 ordinary shares through Barclays Capital Securities Limited. This was carried out under the shareholder-authorised buy-back programme, details of which were disclosed on December 23, 2024. Additionally, the company provided a breakdown of individual transactions executed by Barclays Capital Securities Limited in relation to the buy-back.
The programme is structured in two phases, with the first tranche expected to conclude by April 24, 2025. This initial tranche will see a maximum investment of $50 million. Under an agreement with Barclays Capital Securities Limited, the financial institution will execute on-market purchases of Airtel Africa’s ordinary shares as a riskless principal, acting independently of the company. Airtel Africa will subsequently acquire the shares directly from Barclays.
Shareholder approval for the initiative was secured during the Annual General Meeting held on July 3, 2024. At that time, the company was authorised to repurchase up to 374,141,187 ordinary shares. Following the completion of a previous buy-back exercise, the remaining authorisation now allows for the repurchase of up to 328,842,995 ordinary shares.
According to Airtel Africa, the decision to proceed with the buy-back programme reflects the Board’s confidence in the company’s robust growth prospects, strong balance sheet, and steady cash flow at the holding company level. The initiative aligns with its broader capital allocation strategy and complies with all applicable securities laws and regulations.
All share purchases under this programme will adhere to pre-established guidelines outlined in the agreement with Barclays and within the limits authorised by shareholders.
