Airtel Africa Plc has commenced the third tranche of its share buyback programme, which this time involves the repurchase of up to 1 percent of the Company’s issued share capital.
Airtel Africa said this newest share buyback programme forms part of the Company’s broader approach to returning cash to shareholders, a key component of its capital allocation policy.
This new share buyback programme follows the completion of Airtel’s initial $100 million buyback framework, which was from December 2024 to March 2026.
The company launched an initial $50 million tranche from December 2024 to April 2025, executed by Barclays Capital Securities, which successfully repurchased and cancelled roughly 29 million shares.
The tranche 2, which was from May 2025 to March 2026, initially intended to wrap up in late 2025 for a maximum of $55 million, was extended through March 2026 to systematically complete the remaining $20.3 million of the mandate.
By the conclusion of this initial programme, Airtel Africa had cumulatively repurchased over 41 million ordinary shares, all of which were progressively cancelled to lower the company’s total voting rights to roughly 3.65 billion shares.
Launched with an agreement via Barclays Capital Securities Limited, this third tranche of the share buyback programme is designed to repurchase up to 1 percent of Airtel Africa’s issued share capital. The programme is structured to run until November 27, 2026. It features a non-discretionary element of $50 million to $60 million, alongside a discretionary element that allows for up to an additional $50 million in open-market share buybacks.
The underlying goal for all the tranches executed across the first two programmes is capital reduction. Because Airtel Africa progressively cancels every single unit it buys back, these exercises structurally reduce the total outstanding float, boosting the relative ownership percentage of remaining shareholders and supporting long-term earnings per share (EPS).
“The Board’s decision reflects the continued strength of the Group’s balance sheet and its ability to preserve financial flexibility while supporting ongoing investment to capitalise on the compelling growth outlook across the Group’s footprint.
“As the initial tranche of the Programme, the Company has entered into an agreement with Barclays Capital Securities Limited (Barclays) to conduct the programme and carry out on-market purchases of its ordinary shares, with the Company subsequently purchasing its ordinary shares from Barclays.
“Barclays will act as riskless principal pursuant to the agreement. The agreement comprises two elements which will operate in parallel: a non-discretionary element pursuant to which Barclays will purchase up to $60million of ordinary shares (and not less than $50million) and will make trading decisions independently of the Company; and a discretionary element pursuant to which the Company may, at its discretion and subject to the provisions of the Market Abuse Regulation (EU) No 596/2014, provide instructions to Barclays for the purchase up to an additional $50m of ordinary shares,” Airtel Africa said in a statement at the NGX.