Airtel Africa stated on August 7, 2024, that it will be acquiring further shares from Citigroup Global Markets as part of its share repurchase program.
According to the company’s shareholders’ approval, 406,000 common shares were purchased at a price of 0.5 USD each on the London Stock Exchange.
At a reported volume-weighted average pay price of 108.82p, the lowest price paid for a share was 107.70p, and the highest price paid was 110.20p, according to Nairametrics.
Airtel Africa outlined plans for the buyback on March 1, 2024, stipulating that 34,896,112 aggregate numbers of ordinary shares will be purchased from Citigroup Global Markets at a volume-weighted average price of 110.35p, spanning across 12 months.
A press release by the company on July 25, 2024, outlined that solid cash generation, current leverage, and cash reserves from the holding parent company influenced the decision of the board to undertake the buy-back program.
The buyback will lower share capital as well as any potential debt payments and operating cash costs associated with having too much share capital.
The company just released Q2 pre-tax profit figures that showed a year-over-year increase of 133.6% to $74 million in 2024.
However, Airtel Africa’s revenue decreased by 16.1% year-over-year to $1.15 billion in Q2 of 2024 compared to $1.37 billion recorded the previous year.
