Airtel Africa, a telecommunications and mobile money services provider, has announced the commencement of the second tranche of its $100m share buyback programme.
In a statement filed on the Nigeria Exchange Limited on Wednesday, the company said the second phase of the repurchase will amount to a maximum of $55m and is expected to end on or before November 19, 2025. The first tranche was concluded earlier this year, following the initial announcement on 23 December 2024.
“Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, is pleased to announce the commencement today of the second tranche of its $100m share buy-back programme (the “Programme”). This is further to its announcements on 23 December 2024 and follows the completion of the first tranche of the Programme,” the statement partly read.
To facilitate the transaction, Airtel Africa has entered into an agreement with Barclays Capital Securities Limited, which will carry out on-market purchases of the company’s ordinary shares. Airtel Africa will subsequently purchase those shares from Barclays.
According to the statement, “Barclays will act as riskless principal and will make decisions independently of the Company.”
The company clarified that the sole purpose of the share buyback programme is to reduce its capital base, stating that all shares repurchased during the exercise will be cancelled.
“Any purchases of ordinary shares under the buyback programme will be carried out in accordance with certain pre-set parameters set out in the agreement with Barclays,” the statement added.
The company also noted that the repurchase would adhere to the limits granted by its shareholders during the annual general meeting held on 3 July 2024, where it received authority to buy back up to 374,141,187 ordinary shares. Following the completion of the first tranche, 302,567,123 shares remain under that authority.
Airtel Africa said the programme will be executed in compliance with the Financial Conduct Authority’s UK Listing Rules, as well as the Market Abuse Regulation.
The statement emphasised that share repurchases may occur even during the company’s closed periods, as permitted by the agreement.