Airtel Africa commences tranche-2 of $100m share buy-back programme

…repurchases 35,584,271 shares in tranche-1

Airtel Africa Plc has commenced the second tranche of its $100 million share buy-back programme.

The second tranche of the share buy-back will amount to a maximum of $50 million and is anticipated to end on or before December 19, 2024.

The sole purpose of the buy-back programme is to reduce the capital of the Company. As such, all shares purchased under the buy-back programme will be cancelled.

This commencement of tranche 2 of the share buyback is in line with Airtel Africa’s announcements on February 1 and March 1, 2024 and follows the completion of the first tranche of the Programme.

Since the commencement of the share buy-back programme announced on March 1, 2024, the Company has purchased 35,584,271 ordinary shares in aggregate, at a volume-weighted average price of GBp 110.35 per ordinary share.

These purchases were the last purchases made under the first tranche of the buyback
programme between the Company, on the one hand, and Citigroup Global Markets Limited, on the other hand, announced on March 1, as that tranche has been completed in accordance with its terms.

Airtel Africa also published the table containing detailed information on the individual trades made by Citigroup Global
Markets Limited as part of the tranche one of the buy-back programme.

Read also: Airtel Africa buys back ₦199bn worth of shares from Citigroup

The Company has entered into an agreement with Citigroup Global Markets Limited (Citi) to conduct the second tranche of the buy-back and carry out on-market purchases of its ordinary shares with the Company subsequently purchasing its ordinary shares from Citi.

Under this agreement, Citi will act as a riskless principal and will make decisions independently of the Company.

Any purchases of ordinary shares under the buy-back programme by Citi will be carried out in accordance with certain pre-set parameters set out in the agreement with Citi and Company purchases will be in accordance with (and subject to the limits prescribed by) the Company’s general authority to repurchase ordinary shares on the London Stock Exchange granted by its
shareholders from time to time.

At the annual general meeting of Airtel Africa on July 3, 2024, shareholders gave the Company authority to purchase a maximum of 374,141,187 ordinary shares.

Purchases may continue during any closed periods of the Company during the engagement period.