Airtel Africa Starts New Share Buyback Tranche with Citi

In Short

Airtel Africa has started the next tranche of its share buyback programme.

The programme allows the company to repurchase up to 1% of its issued share capital as at 22 May 2026.

What Happened: How Airtel Africa Will Run The Buyback

Airtel Africa says it is commencing the next tranche of its share buyback programme, which was originally announced on 22 May 2026.

After the company completed the first tranche on 28 September 2026, the remaining board authority provides for the repurchase of up to 12,033,748 ordinary shares. Airtel Africa says this is 0.33% of its total issued share capital as at 22 May 2026.

Airtel Africa has entered into agreements with Citigroup Global Markets Limited, Citi, to conduct this further tranche. Under the agreements, Citi will carry out on market purchases of Airtel Africa ordinary shares and the company will then purchase its ordinary shares from Citi. Airtel Africa says Citi will act as a riskless principal under the agreements.

The agreements have two parts that will operate in parallel. The first is a non discretionary element where Citi makes trading decisions independently of Airtel Africa. The second is a discretionary element where Airtel Africa can instruct Citi to buy ordinary shares, subject to Market Abuse Regulation rules.

Airtel Africa says the sole purpose of the buyback programme is to reduce the capital of the company. All shares purchased under the buyback programme will be cancelled.

The company says the agreements are anticipated to terminate no later than 22 December 2026, unless ended earlier under their terms. It also says no repurchases will be made on the Nigerian Exchange Limited.

Why It Matters

A share buyback is when a company repurchases its own shares, which can reduce the number of shares in circulation. Airtel Africa says this programme is part of its approach to returning cash to shareholders under its capital allocation policy.