Airtel Africa, a leading provider of telecommunications and mobile money services with a significant presence in 14 countries across East, Central, and West Africa, continues to solidify its market position and enhance shareholder value through a strategic share buy-back program. The company has announced the purchase of 1,022,053 of its ordinary shares, valued at USD 0.50 each, from Citigroup Global Markets Limited, executed on 2nd September 2024. This move is part of a broader share buy-back initiative authorized by the company’s shareholders and first announced on 19th August 2024.
The recent purchase of shares took place across multiple trading venues, with the London Stock Exchange, BATS Europe, and CHI-X Europe all playing a role in the transaction. The shares were bought at a volume-weighted average price of 116.04p, with prices ranging between 114.90p and 116.60p per share. Following the completion of this purchase, Airtel Africa has committed to canceling the acquired shares, further optimizing its capital structure and delivering greater value to its shareholders.
Since the commencement of this share buy-back program on 1st March 2024, Airtel Africa has successfully repurchased a total of 46,311,991 ordinary shares, with a volume-weighted average price of GBp 111.35 per share. This strategic move underscores the company’s commitment to creating long-term value for its shareholders, even in the face of a challenging global economic environment.
Airtel Africa’s CEO, Segun Ogunsanya, commented on the success of the share buy-back program, stating, “Our decision to engage in a share buy-back program is a testament to our confidence in Airtel Africa’s future growth prospects. We believe this initiative not only reflects our strong financial position but also demonstrates our commitment to delivering sustained value to our shareholders. As we continue to expand our telecommunications and mobile money services across Africa, we remain focused on driving innovation, improving customer experience, and enhancing operational efficiency.”
This share buy-back initiative is just one of the many strategic steps Airtel Africa has taken to ensure its position as a leading telecommunications provider on the continent. The company remains dedicated to providing an integrated suite of telecommunications solutions, including mobile voice and data services, as well as mobile money services, both locally and internationally. By streamlining customer journeys and offering a simple, intuitive user experience, Airtel Africa is poised to maintain its leadership position in the fast-evolving African telecommunications market.
The impact of Airtel Africa’s share buy-back program is significant, not just for the company but also for its shareholders. By reducing the number of outstanding shares, the company enhances its earnings per share (EPS) and overall shareholder value, making Airtel Africa an even more attractive investment in the long term. This strategic initiative aligns with the company’s broader goals of sustaining growth, driving innovation, and delivering superior returns to its stakeholders.
