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Millicom International Cellular S.A. (TIGO) is a prominent telecommunications company based in Luxembourg, specializing in providing fixed line and mobile services. Operating under the Tigo brand, Millicom has a significant presence in emerging markets across Latin America. The company delivers a range of telecom services including wireless and fixed-line solutions in countries such as Bolivia, Nicaragua, Panama, El Salvador, Guatemala, Paraguay, Colombia, Costa Rica, and Honduras. Notably, Millicom owns 100% of its operations in most of these countries, with a 50% stake in Colombia and 67% in Honduras.
Millicom's robust infrastructure supports comprehensive telecommunications services for millions. Its fixed-line networks reach approximately 13 million homes, while its wireless networks cover about 120 million people. The company is known for providing converged packages that can include fixed-line phone services, broadband, and pay television, along with its wireless offerings. This integrated approach allows Millicom to meet diverse consumer needs in less developed regions.
In 2024, Millicom plans to carve out its infrastructure assets and mobile financial services business, aiming to optimize its operations and enhance shareholder value. The company's focus on emerging markets and its strategic initiatives reflect its commitment to growth and adaptation in a rapidly evolving industry.
Recent developments include a share repurchase activity, which indicates the company’s confidence in its financial health and future prospects. This move is expected to provide value to shareholders and demonstrates Millicom’s proactive approach to managing its equity base.
Millicom’s financial performance and strategic initiatives are continually tracked and updated through various channels, ensuring stakeholders have access to the latest information on the company’s performance and market activities.
Millicom (Tigo) reported strong mobile performance in Q1 2023, with notable growth in its Tigo Business B2B segment, attributed to digital services and network investments. The company’s organic growth accelerated, enhancing Average Revenue Per User (ARPU) trends, particularly in mobile services.
The implementation of Project Everest is expected to deliver over $100 million in run-rate savings by the end of 2024, despite incurring significant restructuring costs. Millicom's commitment to ESG practices maintained an 'AA' MSCI ESG rating, outperforming industry averages. The company anticipates achieving its outlined medium-term financial targets based on its robust performance and ongoing operational efficiencies.
Millicom International Cellular S.A. announces the convening of its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) on May 31, 2023, at Hotel Le Royal, Luxembourg. The AGM will cover key agenda items such as the election and re-election of directors, approval of annual accounts for 2022, and the Share Repurchase Plan. Notably, the Board proposes to increase authorized share capital from USD 300 million to USD 375 million, allowing for a potential issuance of new shares. The AGM will also discuss remuneration policies for directors and management, including a vote on the 2022 Remuneration Report and approval of share-based incentive plans. Shareholders must register by May 17, 2023, to participate or vote. The management highlights the importance of these meetings to align future strategies with shareholder interests and ensure operational efficiency.
Millicom Nomination Committee Proposals
On April 21, 2023, Millicom International Cellular announced key proposals for its Board of Directors ahead of the Annual General Meeting on May 31, 2023. The Nomination Committee recommends the election of Blanca Treviño de Vega, María Teresa Arnal Machado, Thomas Reynaud, Nicolas Jaeger, and Michael Golan as new Non-Executive Directors. Additionally, it proposes the re-election of current board members José Antonio Rios García, Bruce Churchill, Tomas Eliasson, and Pernille Erenbjerg. Notably, outgoing directors such as Odilon Almeida and Mercedes Johnson will not seek re-election. The new members are expected to enhance Millicom's strategic direction, particularly in digital infrastructure and telecommunications in Latin America, contributing significantly to the company's growth strategy.
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