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Home Business & Finance

Airtel Africa Initiates Second Tranche of $50 Million Share Buyback Program

Nnaemeka OkwarabyNnaemeka Okwara
August 20, 2024
in Business & Finance
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Airtel Africa Initiates Second Tranche of $50 Million Share Buyback Program
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Airtel Africa has revealed that it is starting the second phase of its stock repurchase program, which amounts to $50 million. This is a way to decrease share capital, debt commitments, and operating cash costs linked to an overabundance of share capital.

On February 1, 2024, and March 1, 2024, the telecommunications giant laid out plans for the repurchase, indicating that 34,896,112 ordinary shares in total will be bought from Citigroup Global Markets at a volume-weighted average price of 110.35p, spread out over 12 months.

The second round of share buyback is expected to end before December 19, 2024, and will not exceed a maximum amount of $50 million. In order to facilitate this repurchase, Airtel Africa is buying its ordinary shares from Citigroup Global Market Limited (Citi), which will function as a riskless principal, making decisions on its own accord, unrelated to the firm.

The repurchase aims to reduce not only share capital but also debt obligations and operational cash costs that excess share capital might incur. Additionally, the company will work with Citi to purchase the second tranche of shares, complying with pre-set conditions to align with shareholder authority granted for buying ordinary shares.

Airtel Africa registered a pre-tax profit growth of 133.6% YoY, amounting to $74 million, during Q2 2024, despite a 16.1% revenue decrease to $1.15 billion. Furthermore, operating profits declined by 27.4% to $335 million, while earnings per share from common stocks increased by 103%.

CEO Sunil Talder stated that the company intends to improve customer experience, simplify client paths, and increase operational effectiveness.

This share buyback program indicates Airtel Africa’s commitment to adjusting its capital structure and delivering returns to its investors.

Tags: Airtel AfricaAirtel Africa Initiates Second Tranche of $50 Million Share Buyback ProgramBuybackfederal characterMillion shareNews
Nnaemeka Okwara

Nnaemeka Okwara

Okwara Nnaemeka Emmanuel is a skilled wordsmith, passionate blogger, and content writer with a degree in Media Content, He has made a significant mark in the industry. He also holds certification in Marketing and advertising. He has honed a unique blend of creativity and strategic thinking.Driven by a belief in the power of creativity, He has established a niche for himself in diverse regions, leaving a trail of successful projects and satisfied clients. His ability to craft compelling narratives and engage audiences sets him apart in the competitive world of content creation.As a dedicated professional, He continues to push boundaries and set new landmarks in their field. Whether it's through captivating blog posts, persuasive copywriting, or innovative content strategies, Nnaemeka’s consistently delivers excellence, leaving a long lasting impact

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