Airtel Africa starts new buyback tranche for 12.03 million shares, taps Citi

Airtel Africa Plc has begun a new tranche of its share buyback programme, targeting up to 12.03 million ordinary shares, or 0.33% of its issued share capital. The telecoms company disclosed this in a corporate announcement dated November 5, 2026.

The tranche is part of a broader programme first announced on May 22, 2026, to return cash to shareholders under its capital allocation policy. It is expected to run until December 22, 2026 at the latest, unless terminated earlier under the agreement terms.

First tranche completed

The new tranche follows completion of the first tranche on September 28, 2026. That left the Board with authority to repurchase up to 12,033,748 additional ordinary shares. The original programme provided for repurchase of up to 1% of the company's issued share capital as of May 22, 2026.

Shareholders at the July 9, 2026 Annual General Meeting authorised Airtel Africa to repurchase a maximum of 364,577,234 ordinary shares. After the first tranche, remaining authority under that general approval stood at 352,727,390 shares.

Citi takes over execution

Airtel Africa has entered agreements with Citigroup Global Markets Limited (Citi) for the latest tranche. Citi will conduct on-market purchases of Airtel Africa's ordinary shares before selling them to the company. It will act as a riskless principal under arrangements with two parallel elements.

Under the non-discretionary component, Citi independently makes trading decisions. Under the discretionary component, Airtel Africa may give instructions to Citi for share purchases. All purchases will be within pre-set parameters and comply with applicable UK listing rules and market abuse regulations.

The discretionary arrangements may include irrevocable, non-discretionary instructions that allow Citi to continue operating the buyback during closed periods. Citi will operate that element autonomously during such periods.

Shares to be cancelled, no NGX purchases

Airtel Africa said the sole purpose of the buyback is to reduce the company's capital. All shares acquired under the programme will be cancelled.

The company also clarified that the latest buyback arrangements will not involve purchases on the Nigerian Exchange Limited (NGX).

The programme builds on earlier repurchases. In May 2026, Airtel Africa launched a $110 million buyback targeting up to 1% of issued share capital. Barclays Capital Securities Limited executed purchases under the initial arrangement before transferring the shares to the company for cancellation.

By September 23, 2026, Airtel Africa had repurchased approximately 19.91 million ordinary shares under the programme. That followed a fresh purchase of 798,919 shares at a volume-weighted average price of 322.59 pence per share. The September update showed a cumulative volume-weighted average price of 336.05 pence per share since the programme began in May.

The new tranche replaces Barclays with Citigroup Global Markets Limited as the institution executing the arrangement.