Airtel Africa Targets 12 Million Shares In Fresh Buyback

Airtel Africa Plc has commenced the second tranche of its share buyback programme, targeting the repurchase of up to 12.03 million ordinary shares, representing approximately 0.33 per cent of its issued share capital as of May 22, 2026.

The telecommunications and mobile money services provider said the latest phase of the programme would run until December 22, 2026, at the latest, as part of its strategy to return capital to shareholders and optimise its capital structure.

The company disclosed this in a regulatory announcement, stating that it had entered into agreements with Citigroup Global Markets Limited (Citi) to execute the latest tranche through on-market purchases of its ordinary shares.

Under the arrangement, Citi will purchase the shares on behalf of the company, which will subsequently acquire them from the financial institution.

Airtel Africa said the latest tranche would cover up to 12,033,748 ordinary shares, representing the remaining allocation under the original buyback programme announced on May 22, 2026.

The company had initially secured approval to repurchase up to one per cent of its issued share capital under the programme, with the first tranche completed on September 28, 2026.

Following the completion of that phase, the remaining authority under the specific programme stood at approximately 0.33 per cent of the company’s issued shares.

Airtel Africa explained that the agreements with Citi would operate through two parallel arrangements, comprising non-discretionary and discretionary purchase mechanisms.

Under the non-discretionary arrangement, Citi will independently determine its trading decisions and purchase the company’s ordinary shares without receiving instructions from Airtel Africa on individual transactions.

The discretionary component, however, will allow Airtel Africa to provide instructions to Citi on share purchases, subject to applicable regulatory requirements and the terms of the agreements.

The company said the arrangements were designed to ensure that purchases complied with predetermined trading parameters and relevant market regulations.

It added that the agreements would remain in operation until December 22, 2026, unless terminated earlier in accordance with their terms.

Airtel Africa stated that the sole purpose of the buyback programme was to reduce the company’s share capital. Consequently, all ordinary shares acquired under the arrangement will be cancelled rather than retained as treasury shares.

The cancellation of the repurchased shares would reduce the company’s issued share capital, potentially increasing the proportionate ownership of existing shareholders who do not sell their holdings.

The latest transaction is part of Airtel Africa’s broader capital allocation policy, which includes returning surplus capital to shareholders while maintaining an appropriate balance between investment in its operations and shareholder returns.

The company also clarified that its shareholders had granted it a much broader authority to repurchase ordinary shares at the annual general meeting held on July 9, 2026.

At the meeting, shareholders authorised the company to purchase a maximum of 364,577,234 ordinary shares.

Following the completion of the initial tranche, the remaining shareholder-approved authority stood at 352,727,390 ordinary shares.

However, the company stressed that the current tranche would be limited to the 12,033,748 shares remaining under the specific programme announced in May.

The agreements with Citi will also operate within the limits prescribed by the company’s shareholder-approved repurchase authority, the United Kingdom Financial Conduct Authority’s Listing Rules and applicable market abuse regulations.

Airtel Africa further disclosed that the discretionary arrangements could include irrevocable, non-discretionary instructions allowing Citi to continue executing the buyback during periods when the company is restricted from trading in its own shares.

During such closed periods, Citi will operate the discretionary component autonomously in accordance with the agreed trading parameters and applicable regulations.

The company, however, made it clear that no shares would be repurchased on the Nigerian Exchange Limited (NGX).