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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 authorized a share repurchase program for up to 5,000,000 Swedish Depository Receipts (SDRs) as per the resolution from the Annual General Meeting on May 4, 2021. The purpose of the buyback includes reducing share capital and fulfilling obligations under incentive plans. The program will run from August 2, 2021, until the next AGM in 2022, with total repurchases capped at SEK 870 million (approximately USD 100 million). Trading will comply with Nasdaq Nordic regulations and will be managed by an independent investment firm.
Millicom announced strong second quarter 2021 results, achieving double-digit growth in service revenue and EBITDA. The company leads the Colombian market with the best mobile network and a record number of new postpaid customers. Millicom is resuming shareholder remuneration with a $100 million share buyback program, citing excellent share value and healthy cash flow. The company aims for mid-single-digit service revenue growth and approximately 10% OCF growth over the medium term.
Millicom hosted a significant meeting on July 15, 2021, between President Cortizo Cohen and CEO Mauricio Ramos, solidifying TIGO's long-term investment commitment to Panama. The company plans to invest approximately $250 million during 2021-2022 to modernize and expand its telecommunications infrastructure.
This investment aims to enhance connectivity and increase mobile financial services, including the establishment of a Fintech Hub in Panama, which is expected to benefit over 800,000 Panamanians.
Millicom will invest $135 million over the next two to three years to modernize its mobile network in partnership with Ericsson in Honduras, Paraguay, and Bolivia. This investment aims to enhance mobile connectivity and manage increased traffic resulting from COVID-19. Key features include LTE and 5G-ready technology with carrier aggregation for improved speed. The project will expand network coverage to 712 municipalities and 2.5 million people, reinforcing Millicom's position in the market with an emphasis on digital inclusion.
Millicom will announce its second quarter 2021 results on July 29, 2021, at 12:00 Stockholm time. Following this, a video conference for investors and analysts will take place at 14:00 Stockholm time, requiring prior registration. Participants can join in listen-only mode by calling provided numbers. The company, which operates under the TIGO brand, serves about 55 million customers and has a substantial cable footprint. Founded in 1992, Millicom is headquartered in Luxembourg and focuses on telecommunications in Latin America and Africa.
Millicom International Cellular S.A. announced the distribution of 24,737 shares to its Board of Directors as non-executive remuneration for the period from the 2021 AGM to the 2022 AGM. This decision aligns with the resolution passed during the annual general meeting on May 4, 2021. The share distribution was calculated based on the average closing share price of $38.41 for the three months ending April 30, 2021. Further details are available on Millicom's website.
Millicom has announced the sale of its entire stake in Helios Towers, comprising 76,451,874 shares, which is about 7.65% of Helios Towers’ issued share capital. The binding agreements have been signed with two institutional investors and the transaction is anticipated to close on June 2, 2021. This move completes Millicom's divestment from Helios Towers, as it focuses on its core business in emerging markets. The company's commitment to high-speed broadband and digital services remains strong.
Millicom has become the first operator in Latin America to deploy O-RAN compliant Open RAN technology, partnering with Parallel Wireless. The initiative, executed by Millicom's subsidiary TIGO Colombia, will enhance 4G service coverage across 362 rural sites. This innovative architecture allows the integration of various suppliers' hardware and software, promoting faster mobile coverage in remote areas. Millicom aims to increase efficiency and reduce costs by diversifying its supplier base, ultimately improving digital connectivity for rural communities.
Millicom held its Annual General Meeting on May 4, 2021, where all resolutions proposed by the Board of Directors were approved. The AGM confirmed the number of directors at 9, re-elected several directors, and elected three new Non-Executive Directors. Key approvals included the annual accounts, profit allocation of USD 56,066,101, and the re-election of Ernst & Young as the external auditor. Notable new board members include Bruce Churchill, Sonia Dulá, and Lars-Johan Jarnheimer. Millicom continues to expand its services in emerging markets.
Millicom reported strong first-quarter results for 2021, highlighting significant growth in customer base and financial metrics. The company added 166,000 Home customers and 1.1 million Mobile customers, marking its best Q1 performance in a decade. Service revenue rose, with Latam growth exceeding 5.5% in March. Millicom also announced the sale of its remaining operations in Africa, aiming to reduce net debt and potentially resume share buybacks later this year.
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