Airtel Africa, a dual-listed company, announced that it had bought back its 17386,055 shares from the London Stock Exchange (LSE) since the telecom behemoth began a share buyback program in London on March 1. The corporation plans to cancel the shares it has been repurchasing from the market since it has substantial free cash flows from its deleveraged balance sheet.
Recall that the telecommunications business purchased a minority stake in Nigeria as part of its strategy to reduce the volatility of share prices on the Nigerian Exchange. In the last seven trading sessions, the price of the company’s shares has settled around N2,150, showing some degree of stability.
Tick:AIRTELAFRI is currently concentrated in a small number of hands, particularly those with moderate influence, as a result of share repurchases by minority shareholders, which contributed to the stability.
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 .
