Results of the Millicom (Tigo) AGM and EGM held today
- Dividend distribution of USD 3 per share approved, payable in four installments
- Share Repurchase Plan and authorization to cancel repurchased shares approved
- Board strengthened with eight directors and new Chair
- None.
Insights
Millicom announces $3/share dividend and share repurchase plan, signaling strong financial position despite recent Nasdaq Stockholm delisting.
Millicom (Tigo) held both its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM), with shareholders approving all proposed resolutions. The board composition shifted slightly, with seven directors re-elected and Pierre Alain Allemand joining as a new director. Maxime Lombardini was elected as Chair of the Board.
The most financially significant decision was the approval of a
Several governance changes were approved that streamline decision-making processes, including:
- Reinstating the Chair's casting vote in tied board decisions
- Removing the requirement that written board resolutions only be adopted in emergencies
- Enabling electronic/video participation in shareholder meetings
- Removing references to the Swedish Corporate Governance Code following the company's delisting from Nasdaq Stockholm
The approval of both a Share Repurchase Plan and authorization for the Board to cancel repurchased shares indicates a potential focus on managing share count and enhancing shareholder value. This structure gives management flexibility to return capital beyond the stated dividend and potentially support the share price.
These governance changes collectively point to a more streamlined corporate structure following Millicom's exit from the Swedish market, with power being somewhat more concentrated at the board level, particularly with the Chair's restored tie-breaking authority.
Results of the Millicom (Tigo) AGM and EGM held today
Luxembourg, May 21, 2025 – Millicom International Cellular S.A. (“Millicom”) held its Annual General Meeting (“AGM”) and Extraordinary General Meeting (“EGM”) of shareholders today.
All of the AGM and EGM resolutions proposed by the Board of Directors and its Nomination Committee were adopted by Millicom’s shareholders.
Resolving in favor of all the Nomination Committee’s proposals, the AGM set the number of directors at eight and re-elected María Teresa Arnal, Bruce Churchill, Blanca Treviño de Vega, Jules Niel, Pierre-Emmanuel Durand, Maxime Lombardini, and Justine Dimovic as Directors, and elected Pierre Alain Allemand as a new Director. Maxime Lombardini was elected as Chair of the Board of Directors.
All other resolutions set out in the convening notice for the AGM were also duly passed, including approval of:
(i) The annual accounts and the consolidated accounts for the year ended December 31, 2024.
(ii) The allocation the results of the year ended December 31, 2024, to the unappropriated net profits to be carried forward; and a dividend distribution of USD 3 per share to be paid in four equal installments on or around July 15, 2025, October 15, 2025, January 15, 2026, and April 15, 2026.
(iii) The discharge of all the current and former Directors of Millicom who served at any point in time during the financial year ended December 31, 2024, for the performance of their mandates.
(iv) The re-election of KPMG as the external auditor of Millicom.
(v) The remuneration to the Board and external auditor.
(vii) The Share Repurchase Plan.
All resolutions set out in the convening notice for the EGM to amend the articles of association were also duly passed, including:
- The Authorization to the Board to cancel any repurchased shares.
- The removal of the reference to the Swedish Corporate Governance Code and the removal of the requirements regarding the composition of the Nomination Committee.
- The reinstatement of the casting vote of the Chair of the Board in the event of a tie, as provided by article 444-4 (2) of the 1915 Law.
- The removal of the requirement that written board resolutions can only be adopted in cases of urgency or exceptional circumstances.
- The authorization of the participation of shareholders in general meetings through electronic means and video conference.
- Full restatement of the Company’s Articles of Association to incorporate the changes above, as well as changes reflecting the recent delisting of Millicom’s securities from NASDAQ Stockholm.
The minutes of the AGM and EGM will be published as soon as these are available on the Millicom website: https://www.millicom.com/our-company/corporate-governance/shareholder-meetings/
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For further information, please contact:
| Press: | Investors: |
| Sofia Corral, Director Corporate Communications press@millicom.com | Michel Morin, VP Investor Relations investors@millicom.com |
About Millicom
Millicom (NASDAQ: TIGO) is a leading provider of fixed and mobile telecommunications services in Latin America. Through its TIGO® and Tigo Business® brands, the company provides 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 March 31, 2025, Millicom, including its Honduras Joint Venture, employed approximately 14,000 people and provided mobile and fiber-cable services through its digital highways to more than 46 million customers, with a fiber-cable footprint over 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg with principal executive offices in Doral, Florida.
FAQ
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