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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 has established a Nomination Committee ahead of its 2022 Annual General Meeting. Formed in consultation with major shareholders, the Committee includes representatives from Swedbank Robur, Nordea Investment Funds, AMF Pensionsförsäkring AB, and Southeastern Asset Management. John Hernander has been elected Chair. Shareholders can propose Board candidates by contacting the Company Secretary. Millicom, headquartered in Luxembourg, provides mobile and fixed services primarily in Latin America and Africa, serving around 55 million customers as of December 31, 2020.
Millicom reported a robust performance in Q3 2021, with all business lines in Latin America contributing to growth. Notable highlights include the addition of 359,000 mobile customers in Colombia and strong service revenue expansion, particularly an 18% growth in El Salvador. The company resumed shareholder remuneration through share buybacks and aims for an operational cash flow target of at least $1.4 billion for the year. Investments are ongoing in mobile network expansions across several countries and in Tigo Money, alongside progress on their ESG initiatives.
Millicom announced the repurchase of 95,687 Swedish Depository Receipts (SDRs) from September 30 to October 6, 2021, as part of its ongoing Repurchase Program. The total number of shares repurchased under this program now stands at 917,424, with a remaining buyback capacity of approximately SEK 870 million (about USD 100 million) or 5 million SDRs. As of October 6, 2021, Millicom holds 1,093,023 treasury shares out of 101,739,217 total outstanding shares.
Millicom has announced its share repurchase actions from September 23 to September 29, 2021, purchasing a total of 82,299 Swedish Depository Receipts (SDRs). This initiative, part of a repurchase program launched on July 29, 2021, aims to enhance shareholder value. The purchases were executed at a weighted average price of SEK 310.86 per share, totaling approximately SEK 23.3 million in value. As of September 29, Millicom holds 997,336 treasury shares and has repurchased 821,737 SDRs under this program.
Millicom announced it will release its third quarter 2021 results on October 28, 2021. The announcement will be made via press release around 12:00 Stockholm time. Following the release, Millicom will host a video conference at 14:00 Stockholm time for the financial community. Registration for this interactive event is required, and participants can join in listen-only mode or by asking questions through a specified email. Additional details will be available on the Millicom investor website.
Millicom has partnered with Fundación Real Madrid to support over 65 social sports projects across nine Latin American countries and the U.S. This alliance, signed by CEO Mauricio Ramos, aims to benefit more than 11,200 children and families by promoting digital literacy and preventing cyberbullying. Millicom, a leading telecommunications provider with over 55 million customers, emphasizes its commitment to community development and enhancing the future of children through connectivity and sports.
Millicom announced the repurchase of 122,612 Swedish Depository Receipts (SDRs) from September 16 to 22, 2021, under its buyback program initiated on July 29, 2021. The total shares repurchased under this program now stand at 739,438, with a current treasury stock of 915,037 shares. The repurchase program allows for up to SEK 870 million or 5 million SDRs. All transactions were conducted on Nasdaq Stockholm by Citigroup Global Markets Limited.
Millicom has announced the results of its Exchange Offer for 6.625% Senior Notes due 2026, revealing an oversubscription of the offer. As of September 21, 2021, holders tendered US$335.7 million of the old notes, leading the company to increase the maximum acceptance amount to accept all valid tenders. The company will issue approximately US$307.5 million in new notes on September 24, 2021. Holders of old notes will receive cash for any fractions and accrued interest. The offering targets qualified institutional buyers, with a cautionary note on trading risks post-offer.
Millicom announced the repurchase of 131,559 Swedish Depository Receipts (SDRs) from September 9 to 15, 2021. This activity is part of a buyback program initiated on July 29, 2021, reinforcing Millicom's commitment to enhancing shareholder value. The maximum repurchase limit is set at either SEK 870 million (approximately USD 100 million) or 5 million SDRs. As of September 15, 2021, Millicom holds 792,425 treasury shares out of a total of 101,739,217 outstanding shares.
Millicom announced the repurchase of 84,200 shares during the period from September 2 to September 8, 2021, under a program initiated on July 29, 2021. The total value of the repurchased shares amounted to approximately SEK 27.9 million, with an average repurchase price of SEK 326.45. As of September 8, 2021, Millicom holds 660,866 treasury shares out of 101,739,217 outstanding. The repurchase aligns with Article 5 of MAR and is capped at SEK 870 million or 5 million SDRs.
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