Airtel to buy 406,000 more shares from Citigroup Global Markets

• Published On: 08 August 2024 at 14:49

Airtel Africa announced on August 7, 2024 that it will acquire further shares from Citigroup Global Markets as part of its share repurchase program.

The company's shareholders approved the purchase of 406,000 common shares on the London Stock Exchange for 0.5 USD each.

According to Nairametrics, with a reported volume-weighted average pay price of 108.82p, the lowest price paid for a share was 107.70p, while the highest price paid was 110.20p.

Airtel Africa announced intentions for the repurchase on March 1, 2024, stating that 34,896,112 ordinary shares will be purchased from Citigroup Global Markets at a volume-weighted average price of 110.35p over 12 months.

According to a news release issued by the firm on July 25, 2024, the board's decision to pursue the buy-back program was driven by strong cash generation, existing leverage, and cash reserves from the owning parent.

The buyback will reduce share capital, as well as any prospective debt payments and operating cash costs that come with possessing too much stock.

The company just reported Q2 pre-tax profit numbers, which indicated a 133.6% year-over-year growth to $74 million for 2024.

However, Airtel Africa's revenue declined by 16.1% year on year to $1.15 billion in the second quarter of 2024, compared to $1.37 billion the year before.