Airtel Africa plc said today that, as part of its planned share repurchase program, which was revealed last week, it had acquired 491,861 from Citigroup Global Markets Limited.
According to The Times, This data was disclosed in an announcement signed by Airtel Africa Investor Relations’ Alastair Jones and sent by the business to the Nigerian Exchange Limited (NGX) as well as the financial community.
The business reported that it had bought about 491,861 shares at a weighted average price of GBp 97.14 per common share since it started the share repurchase program on March 1.
Following the announcement of its nine-month results through December 31, the business said last week that its $100 million share repurchase program had commenced.
Commencing on March 1st, the share buy-back program aims to reimburse owners with up to $100 million over a maximum of 12 months. The announcement made clear that lowering the company’s capital is the main goal of the buyback program. Consequently, all shares purchased via this program will be cancelled.
According to the firm, “The buy-back program’s acquisition of common shares will adhere to specific guidelines delineated in the agreement with Citi and will also be compliant with the broad authorization for share buyback bestowed upon it by its shareholders.”
The repurchase of up to 375,815,150 common shares was approved by the shareholders at the annual general meeting on July 4, 2023.
