Millicom rises after target hike, buyback announcement
15/12/2023 08:32
** Stockholm-listed receipts of Millicom TIGOsdb.ST rise
nearly 5% after the telecom group raised its target and launched
a share buyback program on Thursday evening
** The company, which provides telecom services in Latin
America through its TIGO brand, raised its target for cumulative
Equity Free Cash Flow (EFCF) for the 2022-2024 period to "around
$600 million", from "at least $500 million"
** "Management continues to expect that 2024 should be the
strongest of the three years in terms of EFCF generation,
whereas 2023 will be impacted by higher than usual spectrum
payments and approximately $90 million of severance charges,"
the company said in a press release
** Millicom also said it was initiating a buyback of up to 2
million Swedish depository receipts representing ordinary shares
** The share tracks its best day in seven months, and is
among the best performers on the pan-European STOXX 600 index
.STOXX
(Reporting by Greta Rosen Fondahn)
((greta.rosenfondahn@thomsonreuters.com))