Airtel Africa Plc has begun the next tranche of its share buyback programme as part of its strategy to return cash to shareholders.
The company disclosed the move in a filing with the Nigerian Exchange Limited (NGX).
The programme was first announced on 22 May, 2026, and allows the repurchase of up to 1 per cent of Airtel Africa’s issued share capital as of that date.
The first tranche ended on September 28, 2026. Under the remaining Board authority, the company can now buy back up to 12,033,748 ordinary shares, equal to 0.33 per cent of its total issued share capital as of 22 of May.
Airtel Africa has signed agreements with Citigroup Global Markets Limited to carry out the new tranche. Citi will buy the shares on the market and the company will then purchase them from the bank, with Citi acting as riskless principal.
The arrangement has two parts that run side by side.
In the non-discretionary part, Citi buys shares and makes its trading decisions independently of the company. In the discretionary part, Airtel Africa may instruct Citi to buy shares, subject to the Market Abuse Regulation as it applies in UK law.
The company said the discretionary arrangements may include irrevocable, non-discretionary instructions to Citi to keep the programme running during closed periods. During those periods, Citi will operate that part of the programme autonomously.
The agreements took effect on November 5 and are expected to end no later than December 22, 2026, unless terminated earlier under their terms.
Airtel Africa said the programme’s sole purpose is to reduce its capital, and it will cancel all shares bought.
Purchases will follow pre-set parameters in the agreements and stay within the limits of the general authority shareholders gave at the annual general meeting on July 9, 2026. That authority allowed the company to buy a maximum of 364,577,234 ordinary shares.
After the first tranche, the remaining authority stands at a maximum of 352,727,390 shares. The buyback must also comply with the UK Financial Conduct Authority’s Listing Rule 9.6 and the Market Abuse Regulation.
The company stated that no repurchases will be made on the Nigerian Exchange.
Airtel Africa provides mobile voice, data and mobile money services in sub-Saharan Africa.
Administrator and Writer
