Airtel Africa Repurchases 17,386,055 shares in 3-Month
Dual listed Airtel Africa said it has repurchased its 17386,055 shares from the London Stock Exchange (LSE) since March 1, when the telecom giant launched a share buyback program in London. With significant free cash flows from its deleveraged balance sheet, the company intends to cancel the shares it has been repurchasing from the markets.
Recall that the telco company has acquired Nigerian minority interest as part of its plan to stabilise share price volatility on the Nigerian Exchange. The company’s share price has been relatively stable, settling at N2,150 in the last seven trading sessions.
The stability was achieved due to the fact that Tick:AIRTELAFRI is now concentrated in a few hands, notably those with moderate influence after minority shareholders share repurchases.
The company announces today it has purchased the following number of ordinary shares of USD 0.50 each on the London Stock Exchange from Citigroup Global Markets Limited pursuant to the authority granted by its shareholders as part of its share buy-back programme.
“Since the commencement of the share buy-back programme announced on 1 March 2024, the Company has purchased 17,386,055 ordinary shares in aggregate, at a volume weighted average price of £104.66 per ordinary share”, the telecom company said .
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