Airtel Africa plc, (NGX: AIRTELAFRI) announced the commencement of a share buyback programme aimed at repurchasing up to 1% of its issued share capital.
In a bulletin posted on NGX and seen by Investogist, the company said that it is part of the company’s capital allocation policy focused on returning cash to shareholders while maintaining a strong balance sheet to support continued investment and growth across its operations.
As the initial tranche of the programme, Airtel Africa has entered into an agreement with Barclays Capital Securities Limited (“Barclays”) to conduct on-market purchases of its ordinary shares.
Barclays will act as riskless principal, with the company subsequently purchasing the shares from Barclays.
The agreement includes two parallel elements:
– A non-discretionary element under which Barclays will purchase up to $60 million of ordinary shares (and not less than $50 million), making independent trading decisions.
– A discretionary element allowing Airtel Africa to provide instructions for the purchase of up to an additional $50 million of shares, subject to Market Abuse Regulation provisions.
The programme commenced today and is expected to run until no later than 27 November 2026, though it may be terminated earlier.
The company highlighted that it may announce further tranches if needed to meet the 1% target.
All shares repurchased under the programme will be cancelled, in line with its sole purpose of reducing the company’s capital.
Also, the Purchases will be conducted within the parameters of the company’s existing shareholder authority.
At the annual general meeting on 9 July 2025, shareholders authorised the purchase of up to 366,072,677 ordinary shares.
Following a previous buyback, the remaining authority stands at 357,042,221 shares.
Administrator and Writer
