Airtel Africa plc stated today that it had acquired 491,861 shares from Citigroup Global Markets Limited as part of its proposed share repurchase program, which was disclosed last week. This information was released in a notification issued by the firm to the Nigerian Exchange Limited (NGX), signed by Alastair Jones of Airtel Africa Investor Relations and made available to the financial community.
According to the press release, “Airtel Africa announces today it has purchased the following number of its ordinary shares of USD 0.50 each on the London Stock Exchange from Citigroup Global Markets Limited under the authority granted by its shareholders as part of its share buy-back programme, details of which were announced on March 1 2024.”
The firm stated that since beginning the share repurchase program on March 1, it had purchased approximately 491,861 shares at a weighted average price of GBP 97.14 per ordinary share.
Last week, following the presentation of its nine-month results through December 31, the Company announced the start of its $100 million share buyback program.
The share buyback scheme will begin on March 1 and is intended to repay up to $100 million to owners over a 12-month.
The release stated that the primary goal of the buyback program is to reduce the Company’s capital. As a result, any shares obtained through this program will be cancelled.
The Company disclosed that the acquisition of ordinary shares under the buy-back program will adhere to the specified criteria outlined in the contract with Citi and the general consent provided by its shareholders for share repurchases.
This authority was granted during the annual general meeting on July 4, 2023, when shareholders agreed to buyback up to 375,815,150 ordinary shares.
