Millicom International Cellular (TIGO) officer details initial shareholdings

Rhea-AI Filing Summary

Millicom International Cellular SA executive Salvador Escalon filed an initial ownership report showing his equity interests in the company. He directly holds 214,632 common shares, including 46,087 shares subject to restricted share units that vest over time with continued service. He also holds stock appreciation rights tied to 27,937 underlying common shares at an exercise price of $20.3000 per share, exercisable from January 1, 2027 and expiring on January 1, 2034, which pay cash based on future share value rather than delivering shares.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Escalon Salvador

Role Chief Legal & Compliance Off.

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

Holdings After Transaction: Stock Appreciation Rights — 27,937 shares (Direct); Common Shares — 214,632 shares (Direct)

Footnotes (1)

1. Includes 46,087 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. 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.

Understanding Insider Trading Forms →

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

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1. Name and Address of Reporting Person^*

Escalon Salvador

(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 Legal & Compliance Off.

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	214,632(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	27,937(2)	$20.3	D

Explanation of Responses:

1. Includes 46,087 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/ Salvador Escalon	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)

FAQ

What does the Form 3 for TIGO’s Salvador Escalon disclose?

The Form 3 discloses Salvador Escalon’s existing equity interests in Millicom. It reports his direct holdings of common shares, restricted share units, and stock appreciation rights, providing a baseline of his ownership as an officer of the company.

How many Millicom (TIGO) common shares does Salvador Escalon hold?

Salvador Escalon holds 214,632 Millicom common shares directly. This figure includes shares already owned plus 46,087 common shares subject to restricted share units that will vest over time if he continues his service with the company.

What restricted share units are reported in the TIGO Form 3?

The filing notes 46,087 common shares subject to outstanding restricted share units. These units were granted to Salvador Escalon as consideration for service and will vest on specified dates, contingent on his continued service with Millicom International Cellular SA.

What stock appreciation rights does Salvador Escalon hold in TIGO?

Escalon holds stock appreciation rights linked to 27,937 underlying common shares at an exercise price of $20.3000. When exercisable, they entitle him to a cash amount equal to the share’s fair market value minus the exercise price, subject to continued service.

When can the Millicom stock appreciation rights reported become exercisable?

The stock appreciation rights become exercisable starting January 1, 2027. They remain outstanding until their expiration on January 1, 2034, allowing Salvador Escalon to receive cash based on future increases in Millicom’s common share price over that period.

Does this TIGO Form 3 show any recent buy or sell transactions?

This Form 3 does not report recent buy or sell transactions. Instead, it establishes Salvador Escalon’s existing holdings in common shares, restricted share units, and stock appreciation rights as he is now a reporting officer of Millicom International Cellular SA.