Millicom (TIGO) Advances Share Repurchase Program

Luxembourg-based Millicom International Cellular SA, operating as Tigo, a key provider of mobile and cable services in Latin America and Africa, has reported recent activities under its share repurchase scheme. Following the announcement on December 15, 2023, about its share buyback program, the company has proceeded to repurchase a substantial number of Swedish Depository Receipts (SDRs), signaling confidence in its operations and value to shareholders.

Share Buyback Details

Between April 29, 2024, and May 3, 2024, Millicom has successfully repurchased 27,477 of its SDRs. This move is part of the company's broader strategy to optimize shareholder value and reflects a prudent use of its financial resources. By reducing the number of shares outstanding, Millicom not only potentially increases its earnings per share but also demonstrates its commitment to a disciplined capital allocation.

Stock Market Impact

The share repurchase activity is likely to have positive implications for Millicom's stock, traded under the ticker TIGO,C. Investors and market analysts closely monitor such activities as they may influence the company's market valuation and the overall stock performance. Meanwhile, Citigroup Inc., another major player in the financial services sector with the ticker C, continues to operate independently of Millicom's activities, focusing on its banking and financial services across the globe.

Millicom, TIGO, Repurchase