Millicom (Tigo) share repurchase activity

Rhea-AI Summary

Millicom (Tigo) has continued its share repurchase program announced on November 29, 2024, by buying back 164,260 Swedish Depository Receipts (SDRs) between December 30, 2024, and January 03, 2025. The purchases were executed on Nasdaq Stockholm through Citigroup Global Markets

The company paid an average price ranging from SEK 266.39 to SEK 272.51 per SDR, with daily repurchase amounts varying between SEK 12.19 million and SEK 18.54 million. Following these transactions, Millicom now holds 1,972,377 treasury shares out of a total of 172,096,305 outstanding shares.

The repurchase program is being conducted in accordance with Article 5 of MAR and the Commission Delegated Regulation No 2016/1052 (Safe Harbour Regulation).

Positive

• Continued execution of share repurchase program demonstrates financial strength
• Buyback potentially increases shareholder value through reduced share count
• Systematic repurchase approach shows commitment to capital return strategy

Negative

• Cash outflow of approximately SEK 44 million for share repurchases
• Reduced cash availability for other strategic initiatives

Insights

Financial Analyst

The share repurchase activity shows Millicom actively executing its buyback program, with a total of 164,260 SDRs repurchased over three trading days at prices ranging from SEK 266.39 to SEK 272.51. The total investment amounts to approximately SEK 44 million (excluding commissions). The company now holds 1,972,377 treasury shares, representing about 1.15% of total outstanding shares. This structured buyback demonstrates management's confidence in the company's valuation and commitment to returning capital to shareholders. The average daily volume and pricing suggest a measured approach to avoid market disruption. While buybacks generally support share price by reducing float and increasing EPS, the relatively modest size of this specific repurchase (0.095% of total shares outstanding) limits its immediate market impact. The compliance with MAR and Safe Harbour Regulation ensures proper execution within regulatory frameworks.

Market Research Analyst

The timing and execution of this buyback warrant attention as it occurs during the traditionally lower-volume holiday period. The purchase price pattern shows strategic timing, with the largest volume (69,522 SDRs) executed on January 3rd at SEK 266.75, slightly lower than the December 30th price point. The systematic approach through Citigroup Global Markets suggests professional execution to minimize market impact. For retail investors, buybacks typically signal management's view that shares are undervalued and indicate financial stability. However, in telecommunications sectors where capital expenditure needs are substantial, the allocation of cash to buybacks versus network investments requires careful consideration. The transparency in reporting daily transactions aligns with best practices in corporate governance and provides clear visibility into the program's execution.

Luxembourg, January 06, 2025 - Pursuant to the share repurchase program announced on November 29, 2024, Millicom repurchased 164,260 of its Swedish Depository Receipts (SDRs) between December 30, 2024, and January 03, 2025, as detailed in the table below.

Trade Date	Number of SDRs repurchased	Daily average price paid* (SEK)	Daily repurchase amount* (SEK)
2024-12-30	48 973	272.5115	13 345 706
2025-01-02	45 765	266.3909	12 191 380
2025-01-03	69 522	266.7494	18 544 952

* Excluding commissions

All purchases were carried out on Nasdaq Stockholm by Citigroup Global Markets Limited on behalf of Millicom. Following the purchases, Millicom holds 1,972,377 treasury shares as of January 03, 2025. 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”).

For information about all transactions carried out under the repurchase program, refer to Nasdaq Stockholm’s website:

https://www.nasdaq.com/european-market-activity/news/corporate-actions/repurchase-of-own-shares

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For further information, please contact:

Press: Sofía Corral, Director Corporate Communications 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 September 30, 2024, Millicom, including its Honduras Joint Venture, employed approximately 15,000 people, and provided mobile and fiber-cable services through its digital highways to more than 46 million customers, with a fiber-cable footprint of about 14 million homes passed. Founded in 1990, Millicom International Cellular S.A. is headquartered in Luxembourg.

FAQ

How many SDRs did Millicom (TIGO) repurchase between Dec 30, 2024 and Jan 3, 2025?

Millicom repurchased 164,260 Swedish Depository Receipts (SDRs) during this period.

What was the price range paid by TIGO for the SDRs in January 2025?

The average price paid ranged from SEK 266.39 to SEK 272.51 per SDR.

How many treasury shares does TIGO hold as of January 3, 2025?

Millicom holds 1,972,377 treasury shares as of January 3, 2025.

What is the total number of outstanding shares in Millicom (TIGO)?

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

Which institution executed the share repurchases for TIGO?

Citigroup Global Markets executed the purchases on behalf of Millicom on Nasdaq Stockholm.