Millicom (Tigo) share repurchase activity

Rhea-AI Summary

Millicom (Tigo) repurchased 32,853 of its Swedish Depository Receipts (SDRs) between April 8, 2024, and April 12, 2024, as part of the share repurchase program announced in December 2023. The purchases were made at varying daily average prices, totaling approximately SEK 7.6 million. Following the transactions, Millicom holds 766,703 treasury shares, with a total of 172,096,305 shares outstanding.

Positive

• Millicom (Tigo) actively repurchased its SDRs as part of the share repurchase program.
• The daily average prices paid for the repurchased SDRs ranged from SEK 216.34 to SEK 220.66.
• The total repurchase amount for the transactions was approximately SEK 7.6 million.
• Citigroup Global Markets executed all purchases on Nasdaq Stockholm on behalf of Millicom.
• Millicom currently holds 766,703 treasury shares as of April 12, 2024.
• The total number of shares outstanding in Millicom is 172,096,305.

Negative

• None.

Financial Analyst

Share repurchase programs are often implemented by companies aiming to return value to shareholders, signaling that the management believes the shares are undervalued. Millicom's recent activity indicates a strategic decision to invest in its own equity, possibly reflecting confidence in the company's intrinsic value and future performance. Analyzing the transaction details, such as the average price paid and the number of shares repurchased, investors can gauge the company's market sentiment. Moreover, the repurchase activity affects the outstanding shares, potentially leading to earnings per share (EPS) accretion. From a financial perspective, the impact on the company’s cash reserves and balance sheet is a key point of interest. Executed under the Safe Harbour Regulation, the buybacks also underscore compliance with market abuse regulations, implying a level of diligence in the transaction execution.

Market Research Analyst

The market's response to share buybacks can be diverse, with potential short-term price increases as supply of shares is reduced, indicating a bullish sentiment from the company's management. It's important to consider the volume of shares repurchased relative to the total number of shares outstanding to understand the magnitude of such buybacks. In the case of Millicom, the number of treasury shares held post-transaction represents a small fraction of the total shares, suggesting a relatively modest impact on the market. However, it is pertinent to assess how this activity aligns with the company’s historical buyback patterns and its overall capital allocation strategy. This information can provide deeper insight into Millicom's long-term financial health and strategic priorities.

Millicom (Tigo) share repurchase activity

Luxembourg, April 12, 2024 – Pursuant to the share repurchase program announced on December 15, 2023, Millicom repurchased 32,853 of its Swedish Depository Receipts (SDRs) between April 8, 2024 and April 12, 2024, as detailed in the table below.

Trade Date	Number of SDRs repurchased	Daily average price paid* (SEK)	Daily repurchase amount* (SEK)
04/08/2024	7,500	216.3442	1,622,582
04/09/2024	7,400	216.5533	1,602,494
04/10/2024	6,083	219.2297	1,333,574
04/11/2024	7,870	218.3423	1,718,354
04/12/2024	4,000	220.6693	882,677

* Excluding commissions

All purchases were carried out on Nasdaq Stockholm by Citigroup Global Markets Limited on behalf of Millicom. Following the purchases, Millicom holds 766,703 treasury shares as of April 12, 2024. The total number of shares outstanding in Millicom is 172,096,305. 

The repurchase program is being executed consistent with the provisions of Article 5 of MAR and the Commission Delegated Regulation No 2016/1052 (“Safe Harbour Regulation”). A full breakdown of the transactions is attached to this press release. For information about all transactions carried out under the repurchase program, refer to Nasdaq Stockholm’s website: http://www.nasdaqomx.com/transactions/markets/nordic/corporate-actions/stockholm/repurchases-of-own-shares

For further information, please contact:

Press: Sofía Corral, Communications Director press@millicom.com

Investors: Michel Morin, VP Investor Relations investors@millicom.com

About Millicom

Millicom (NASDAQ U.S.: TIGO, Nasdaq Stockholm: TIGO_SDB) is a leading provider of fixed and mobile telecommunications services in Latin America. Through our TIGO® and Tigo Business® brands, we provide a wide range of digital services and products, including TIGO Money for mobile financial services, TIGO Sports for local entertainment, TIGO ONEtv for pay TV, high-speed data, voice, and business-to-business solutions such as cloud and security. As of December 31, 2023, Millicom, including its Honduras Joint Venture, employed approximately 16,500 people and provided mobile and fiber-cable services through its digital highways to more than 45 million customers, with a fiber-cable footprint over 13 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.

Attachment

• Week ending 04-12-24

How many Swedish Depository Receipts (SDRs) did Millicom repurchase between April 8, 2024, and April 12, 2024?

Millicom repurchased 32,853 of its SDRs during that period.

What was the total repurchase amount for the transactions?

The total repurchase amount for the transactions was approximately SEK 7.6 million.

Who executed all the share repurchase purchases on behalf of Millicom?

Citigroup Global Markets executed all purchases on Nasdaq Stockholm for Millicom.

How many treasury shares does Millicom currently hold as of April 12, 2024?

Millicom holds 766,703 treasury shares as of April 12, 2024.

What is the total number of shares outstanding in Millicom?

The total number of shares outstanding in Millicom is 172,096,305.