Leading telecommunication and mobile money services giant- Airtel Africa, a leading provider of telecommunications, on Wednesday announced the takeoff of its share buy-back programme which will amount to a maximum of $55 million.

The programme, now in its second tranche is anticipated to end on or before November 19, 2025, and for  the sole purpose of reducing the company’s capital, after which all such shares purchased under the buy-back programme will be cancelled.

Already, Aitel Africa has entered into an agreement with Barclays Capital Securities Limited to conduct this second tranche and to carry out on-market purchases of its ordinary shares with the company subsequently purchasing its ordinary shares from Barclays.

Under this agreement, Barclays will act as riskless principal and will make decisions independently of the Company.

According to a notice on the NGX portal by Simon O’Hara, Group Company Secretary, “any purchases of ordinary shares under the buy-back programme will be carried out in accordance with certain pre-set parameters set out in the agreement with Barclays and in accordance with (and subject to the limits prescribed by) the Company’s general authority to repurchase ordinary shares

granted by its shareholders from time to time (at the annual general meeting on 3 July 2024, shareholders gave the Company authority to purchase a maximum of 374,141,187 ordinary shares and following the completion of the previous buyback, the remaining authority amounts to a maximum of 302,567,123 ordinary shares), Financial Conduct Authority’s UK Listing Rules 9.6 and the provisions of the Market Abuse Regulation (EU) No 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended). Purchases may continue during any closed periods of the Company during the engagement period.”