Millicom (Tigo) share repurchase activity

Rhea-AI Summary

Millicom (Tigo) has continued its share repurchase program announced on November 29, 2024, by acquiring 140,587 Swedish Depository Receipts (SDRs) and 95,600 common shares between January 13-17, 2025. The SDRs were purchased on Nasdaq Stockholm at prices ranging from SEK 266.96 to SEK 271.91, while common shares were bought on Nasdaq Stock Market at prices between USD 23.99 and USD 24.52.

The transactions were executed by Citigroup Global Markets and Citigroup Global Markets Inc. on Millicom's behalf. Following these repurchases, Millicom held 2,756,017 treasury shares as of January 17, 2025, out of a total of 172,096,305 outstanding shares. The program operates under Article 5 of MAR and the Safe Harbour Regulation.

Positive

• Active share buyback program demonstrates confidence in company value
• Significant repurchase volume: 236,187 total shares acquired in one week
• Strong treasury position with 2.76M shares held

Negative

• Cash outflow of approximately SEK 37.8M and USD 2.32M for share repurchases

Insights

Financial Analyst

The share repurchase activity shows Millicom (Tigo) actively executing its buyback program with significant volumes - 140,587 SDRs at SEK 266.96-271.91 and 95,600 common shares at USD 23.99-24.53. The dual-market approach (Nasdaq Stockholm and US) demonstrates strategic capital allocation, with total investment around SEK 37.8 million (~USD 3.6 million) in just one week.

The company now holds 2.76 million treasury shares, representing about 1.6% of total outstanding shares. This modest percentage suggests room for continued buybacks. The average purchase prices indicate management sees value at current levels, though the premium between US shares and Swedish SDRs (adjusting for FX) warrants monitoring.

For retail investors: Think of share buybacks like a company buying back slices of its own pizza - fewer slices means each remaining slice represents a bigger portion of the whole pie. While not massive in scale, this systematic buyback provides steady support for the stock price and signals management's confidence in the company's valuation.

Market Research Analyst

The execution pattern reveals careful market timing, with larger SDR volumes (89,585 units) on days with lower prices (SEK 266.96) versus smaller volumes (51,002 units) when prices rose to SEK 271.91. This price-sensitive approach maximizes buyback efficiency. The consistent US share purchase volume (47,800 daily) suggests a more structured approach in that market.

The repurchase strategy aligns with Safe Harbour Regulation compliance, providing legal protection while maintaining market stability. With a market cap of $4.56 billion, this week's buyback represents roughly 0.08% - a measured pace that avoids market disruption while providing consistent support.

Think of it as slowly draining water from a pool - too fast creates turbulence, too slow has minimal impact. The current pace strikes a balance between meaningful capital return and market stability.

Millicom (Tigo) share repurchase activity

Luxembourg, January 20, 2025 - Pursuant to the share repurchase program announced on November 29, 2024, Millicom repurchased 140,587 of its Swedish Depository Receipts (SDRs) and 95,600 of its common shares between January 13, 2025, and January 17, 2025, as detailed in the table below.

Exchange	Nasdaq Stockholm			Nasdaq Stock Market
Trade Date	Number of SDRs repurchased	Average price paid* (SEK)	Repurchase amount* (SEK)	Number of shares repurchased	Average price paid* (USD)	Repurchase amount* (USD)
2025-01-13	89 585	266.9617	23 915 764	47 800	23.9970	1 147 057
2025-01-14	51 002	271.9101	13 867 959	47 800	24.5286	1 172 467

* Excluding commissions

All purchases were carried out on Nasdaq Stockholm and on the Nasdaq Stock Market by Citigroup Global Markets Limited and Citigroup Global Markets Inc. respectively, on behalf of Millicom. Following the repurchases, Millicom held 2,756,017 treasury shares as of January 17, 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”). Further information about SDR  repurchases is available on 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 shares did Millicom (TIGO) repurchase between January 13-17, 2025?

Millicom repurchased 140,587 Swedish Depository Receipts (SDRs) and 95,600 common shares, totaling 236,187 shares.

What was the price range for TIGO's share repurchases in January 2025?

The SDRs were purchased at prices between SEK 266.96 and SEK 271.91, while common shares were bought at USD 23.99 to USD 24.52.

How many treasury shares does TIGO hold after the January 2025 buyback?

Following the repurchases, Millicom held 2,756,017 treasury shares as of January 17, 2025.

What is the total number of outstanding shares for TIGO as of January 2025?

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

When did TIGO announce this share repurchase program?

Millicom announced the share repurchase program on November 29, 2024.