Millicom CEO reports initial share and SAR holdings

Millicom International Cellular SA’s new CEO Marcelo Benitez filed an initial statement of holdings.

Rhea-AI Filing Summary

Millicom International Cellular SA’s new CEO Marcelo Benitez filed an initial statement of holdings. He directly holds 131,473 common shares, including 29,971 common shares underlying restricted share units that vest over time based on continued service. He also holds stock appreciation rights linked to 31,824 common shares at an exercise price of 20.30 per share, exercisable from 2027-01-01 and expiring on 2034-01-01. Upon exercise, these rights are settled in cash based on the increase in the issuer’s share price over the exercise price.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Benitez Marcelo

Role Chief Executive Officer

Type	Security	Shares	Price	Value
holding	Stock Appreciation Rights	--	--	--
holding	Common Shares	--	--	--

Holdings After Transaction: Stock Appreciation Rights — 31,824 contracts (Direct); Common Shares — 131,473 shares (Direct)

Footnotes (2)

1. F1. Includes 29,971 common shares subject to outstanding restricted share units granted to the reporting person in consideration for service to the issuer which vest based on the reporting person's continued service through the applicable vesting dates.
2. F2. Upon exercise, each stock appreciation right entitles the reporting person to an amount in cash equal to the excess of the fair market value of a common share of the issuer over the exercise price per common share, subject to the reporting person's continued service through the date exercisable.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What does the Millicom (TIGO) Form 3 filing report for CEO Marcelo Benitez?

The Form 3 reports Marcelo Benitez’s initial ownership in Millicom. He directly holds 131,473 common shares and stock appreciation rights tied to 31,824 underlying shares, establishing his starting equity position as Chief Executive Officer.

How many Millicom (TIGO) common shares does CEO Marcelo Benitez hold?

Marcelo Benitez directly holds 131,473 Millicom common shares. This total includes 29,971 common shares subject to restricted share units that vest over time, reflecting both currently owned and service-based equity compensation.

What stock appreciation rights does the Millicom (TIGO) CEO have?

Benitez holds stock appreciation rights over 31,824 underlying common shares at an exercise price of 20.30. These are exercisable starting 2027-01-01 and expire on 2034-01-01, paying cash equal to the share price increase over the exercise price.

Are Millicom (TIGO) CEO Marcelo Benitez’s stock appreciation rights settled in shares or cash?

The stock appreciation rights are settled in cash. Upon exercise, Benitez receives cash equal to the excess of Millicom’s common share fair market value over the 20.30 exercise price, subject to his continued service through the exercisable date.

What restricted share units are included in the Millicom (TIGO) CEO’s holdings?

The filing notes 29,971 common shares subject to outstanding restricted share units. These RSUs were granted for Benitez’s service and will vest only if he continues serving Millicom through the applicable vesting dates, adding a service-based equity component.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/18/2026 - 09:06 PM Learn about SEC filing dates

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0104
Estimated average burden
hours per response:			0.5

1. Name and Address of Reporting Person^*

Benitez Marcelo

(Last) (First) (Middle)

C/O MILLICOM INTERNATIONAL CELLULAR S.A.

8400 NW 36TH STREET, SUITE 530

(Street)

DORAL FLORIDA 33166

(City) (State) (Zip)

UNITED STATES

(Country)

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2026

3. Issuer Name and Ticker or Trading Symbol
MILLICOM INTERNATIONAL CELLULAR SA [ TIGO ]

3a. Foreign Trading Symbol

5. If Amendment, Date of Original Filed (Month/Day/Year)

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Shares	131,473(1)	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Appreciation Rights	01/01/2027	01/01/2034	Common Shares	31,824(2)	$20.3	D

Explanation of Responses:

1. Includes 29,971 common shares subject to outstanding restricted share units granted to the reporting person in consideration for service to the issuer which vest based on the reporting person's continued service through the applicable vesting dates.

2. Upon exercise, each stock appreciation right entitles the reporting person to an amount in cash equal to the excess of the fair market value of a common share of the issuer over the exercise price per common share, subject to the reporting person's continued service through the date exercisable.

	/s/ Marcelo Benitez	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 3: SEC 1473 (03-26)