Airtel Africa Plc, the pan-African telecommunications group, has launched the second tranche of its share buyback programme, targeting the repurchase of up to 12.03 million ordinary shares as it continues returning capital to shareholders. The latest round follows the completion of an initial tranche in September and forms part of its broader capital allocation strategy.

The London-listed telecom company said the new tranche covers 12,033,748 shares, representing about 0.33% of its issued share capital as of May 22, 2026, when the programme was announced. The overall buyback authorizes repurchases of up to 1% of the company’s issued shares, with the remaining allocation now available for the second phase.

Citi leads second phase

Airtel Africa has appointed Citigroup Global Markets Ltd. to execute the latest purchases through on-market transactions. Under the agreements, Citi will act as a riskless principal, buying shares on the company’s behalf before selling them back to Airtel Africa for cancellation.

The arrangements contain discretionary and nondiscretionary components, allowing Citi to make independent trading decisions under the nondiscretionary mandate, while Airtel Africa can issue purchase instructions under the discretionary element. All transactions will comply with applicable market abuse regulations and predetermined trading limits.

The agreements commenced Nov. 5 and are expected to run until Dec. 22, 2026, unless terminated earlier. Airtel Africa said the sole purpose of the programme is to reduce its share capital, meaning all shares acquired under the arrangement will be cancelled rather than held as treasury stock.

Nigerian Exchange excluded

The company clarified that the latest repurchases will not take place on the Nigerian Exchange Ltd. Share purchases will be conducted through the arrangements with Citi, subject to the company’s existing shareholder-approved authority and applicable UK Financial Conduct Authority listing rules.

Airtel Africa’s shareholders approved a general authority to repurchase up to 364.58 million ordinary shares at the company’s July 9 annual general meeting. Following the completion of the first tranche, the remaining authority stood at 352.73 million shares, providing room for further purchases within the approved limits.

The buyback will operate within predefined trading parameters and applicable UK listing rules and market abuse regulations. Citi may also continue executing purchases during closed periods under irrevocable instructions, allowing the programme to operate without direct company intervention during those periods.

Profit rises 20% in first half

The buyback comes after Airtel Africa reported stronger financial results for the six months ended Sept. 30, 2026. Profit after tax increased 20.21% to $452 million, from $376 million a year earlier, while revenue climbed 28.2% to $3.82 billion from $2.98 billion, while constant-currency revenue growth reached 20.8%.

Airtel Africa, a subsidiary of India’s Bharti Airtel, led by Indian billionaire Sunil Bharti Mittal, operates across 14 African countries. Its businesses span mobile telecommunications, digital infrastructure and mobile money, giving the group exposure to rising demand for connectivity and financial services across the continent.