Airtel Africa recently made a significant move in the stock market by purchasing nearly 992,000 units of its shares valued at $0.50 each from Citigroup Global Markets on the London Stock Exchange.
The transactions occurred on Friday and Monday, as indicated in corporate notices filed with the Nigerian Exchange Limited.
The company disclosed its intention to kick off a $100 million share buyback program starting March 2024 during the announcement of its nine-month results, concluding on December 31, 2023. This program is set to be executed in two phases, with the initial tranche commencing on March 1 and expected to wrap up on or before August 2024, with a cap of $50 million.
Airtel Africa clarified that the primary objective behind the share buyback initiative is to reduce the company’s capital. Consequently, all shares acquired under this program will be eliminated.
Source: PUNCH