Airtel Africa Spends £48m To Buy-Back 491,861 Shares From Citigroup

Airtel Africa Plc has bought back 491,861 shares held by Citigroup Global Markets Limited in multiple deals worth £48m

The deal is part of the company’s share buy-back programme which it announced on March 1, 2024.

Airtel said it purchased the number of its ordinary “Shares of $0.50 each on the London Stock Exchange from Citigroup Global Markets Limited pursuant to the authority granted by its shareholders as part of its share buy-back programme.”

Details of the deal seen by THE WHISTLER showed that Airtel Africa acquired 491,861 shares on March 1 at a weighted average price of £97.14 per share.

At the announcement of the share buy-back, Airtel planned to return $100 million to shareholders over a period of up to 12 months.

The programme will be done in two tranches, according to Airtel with the first tranche ending August 31, 2024.

Airtel will spend a maximum amount of $50m in the first tranche.

Airtel said, “The Company has entered into an agreement with Citigroup Global Markets Limited 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 Citi.

“Under this agreement, Citi 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.”