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Airtel Africa Plc has commenced a new tranche of its share buyback programme, targeting the repurchase of up to 12.03 million ordinary shares, representing 0.33% of its issued share capital.
The telecommunications company disclosed this in a corporate announcement dated November 5, 2026, stating that the latest tranche forms part of its broader programme, initially announced on May 22, 2026, to return cash to shareholders under its capital allocation policy.
The latest tranche is expected to run until December 22, 2026, at the latest, unless terminated earlier in accordance with the terms of the agreement.
Airtel Africa engages Citi for new share buyback
Airtel Africa said the latest tranche follows the completion of the first tranche of the buyback programme on September 28, 2026, leaving Board authority to repurchase up to 12,033,748 additional ordinary shares.
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- The original programme provided for the repurchase of up to 1% of the company’s issued share capital as of May 22, 2026.
- For the latest tranche, the company has entered into agreements with Citigroup Global Markets Limited (Citi), which will conduct on-market purchases of Airtel Africa’s ordinary shares before subsequently selling the shares to the company.
- Citi will act as a riskless principal under the arrangements, which comprise two parallel elements: a non-discretionary component, under which Citi independently makes trading decisions, and a discretionary component, through which Airtel Africa may provide instructions to Citi for share purchases.
The company said any purchases will be conducted within pre-set parameters and in compliance with applicable UK listing rules and market abuse regulations.
Shares to be cancelled after repurchase
Airtel Africa stated that the sole purpose of the buyback programme is to reduce the company’s capital, meaning all shares acquired under the programme will be cancelled.
- The company also disclosed that shareholders, at its July 9, 2026 Annual General Meeting, had authorised it to repurchase a maximum of 364,577,234 ordinary shares.
- Following the completion of the initial tranche, the remaining authority under this general shareholder approval stood at 352,727,390 shares.
- However, the company clarified that the latest buyback arrangements will not involve purchases on the Nigerian Exchange Limited (NGX).
The discretionary arrangements may also include irrevocable, non-discretionary instructions allowing Citi to continue operating the buyback programme during closed periods. Citi will operate this element autonomously during such periods.
Airtel Africa’s buyback programme so far
The latest tranche builds on Airtel Africa’s ongoing efforts to return cash to shareholders through share repurchases, with the company having already bought back millions of shares since launching the programme in May 2026.
- Nairametrics reported in May 2026 that Airtel Africa launched a $110 million share buyback programme targeting the repurchase of up to 1% of its issued share capital. The initial arrangement involved Barclays Capital Securities Limited executing the purchases before transferring the shares to the company for cancellation.
- By September 23, 2026, the company had repurchased approximately 19.91 million ordinary shares under the programme, following a fresh purchase of 798,919 shares at a volume-weighted average price of 322.59 pence per share.
- The September update also showed that Airtel Africa had purchased the shares at a cumulative volume-weighted average price of 336.05 pence per share since the programme began in May.
The latest tranche introduces Citigroup Global Markets Limited (Citi) as the institution executing the new arrangement, replacing Barclays in the earlier arrangement.
