Airtel Africa has revealed plans to initiate a share buy-back program totaling $100 million. This program is said to commence in early March 2024 and extend over a year.
In the context of a share buyback, the company compensates its shareholders to repurchase and subsequently cancel their shares, leading to a reduction in its share capital.
Stay well-informed and be the very first to receive all the most recent updates directly in your email! Tap here to join now for free!
Furthermore, Airtel has communicated its commitment to fully repaying its HoldCo debt of $550 million when it matures in May 2024.
The decision to pursue share buybacks has been facilitated by the company’s recent commendable operational performance, providing it with the necessary financial flexibility. Despite reported financial challenges stemming from currency devaluation, particularly in Nigeria, Airtel remains steadfast in executing its growth plans.
By reducing the number of Airtel shares in circulation, the remaining shareholders stand to gain a higher stake in the company and increased returns on future dividends, affording Airtel enhanced control over its trajectory.
Furthermore, Airtel has communicated its commitment to fully repaying its HoldCo debt of $550 million when it matures in May 2024.
Both Airtel’s mobile data and mobile money services have consistently expanded, with data subscribers growing to 62.7 million (22.4% growth) and mobile money users reaching 37.5 million (19.5% growth).
The company highlights a noteworthy 20.2% constant currency revenue growth in its voice, data, and mobile money services across the region. Annual mobile money transactions are reported at $116 billion, reflecting a substantial 41.3% growth.
Furthermore, Airtel has communicated its commitment to fully repaying its HoldCo debt of $550 million when it matures in May 2024.
Stay well-informed and be the very first to receive all the most recent updates directly in your email! Tap here to join now for free!
