Millicom shareholders approve board elections and dividends

LUXEMBOURG - Millicom International Cellular S.A. (NASDAQ:TIGO), a prominent telecommunications provider in Latin America with a market capitalization of $6.16 billion, concluded its Annual General Meeting (AGM) and Extraordinary General Meeting (EGM) today with the adoption of all resolutions proposed by its Board of Directors and Nomination Committee. According to InvestingPro data, the company maintains a GREAT financial health score of 3.29, showcasing strong operational performance.

The AGM confirmed the appointment of eight directors, re-electing seven incumbents: María Teresa Arnal, Bruce Churchill, Blanca Treviño de Vega, Jules Niel, Pierre-Emmanuel Durand, Maxime Lombardini, and Justine Dimovic. Pierre Alain Allemand joins as a new member of the board. Maxime Lombardini will take the helm as the Chair of the Board of Directors.

In financial decisions, shareholders approved the annual and consolidated accounts for the year ended December 31, 2024. They agreed to allocate the year’s results to unappropriated net profits and endorsed a dividend distribution of USD 3 per share. The dividends are scheduled to be paid in four equal installments on July 15, 2025, October 15, 2025, January 15, 2026, and April 15, 2026. The company’s strong financial position is reflected in its impressive EBITDA of $2.44 billion and a notable free cash flow yield of 19%. InvestingPro analysis suggests the stock is currently trading near its Fair Value, with 12 additional exclusive insights available to subscribers.

The AGM also ratified the discharge of all directors who served during the financial year ended December 31, 2024, for their performance. KPMG was re-elected as the external auditor, and the remuneration for both the Board and the auditor was confirmed.

Additionally, the Share Repurchase Plan received the green light from the shareholders.

At the EGM, amendments to the articles of association were passed, which included authorizing the Board to cancel any repurchased shares and enabling shareholder participation in general meetings through electronic means and video conference. The changes also involved the removal of the reference to the Swedish Corporate Governance Code and the requirement regarding the composition of the Nomination Committee, as well as the reinstatement of the Chair’s casting vote in case of a tie.

These amendments come in the wake of the company’s delisting from NASDAQ Stockholm, with a full restatement of the Articles of Association to reflect these and other changes.

The meetings’ minutes will be made available on the Millicom website in due course. This announcement is based on a press release statement from Millicom International Cellular S.A.

In other recent news, Millicom International Cellular S.A. reported its first-quarter 2025 revenue, which fell short of analyst expectations. The telecommunications company posted revenue of $1.37 billion, missing the consensus estimate of $1.44 billion. Despite the revenue miss, Millicom highlighted strong customer growth, adding 262,000 new postpaid mobile subscribers and 62,000 new home broadband customers. Adjusted EBITDA rose by 0.6% to $636 million, marking a 6.9% organic increase. Net income surged to $193 million, bolstered by approximately $95 million in one-time gains. Millicom reaffirmed its 2025 targets, aiming for equity free cash flow of around $750 million and a year-end leverage below 2.5x. These targets are based on expected cost savings from efficiency measures implemented in 2024, although they may be partially offset by weaker projected foreign exchange rates. The company noted that 2025 has started strongly, maintaining high levels of commercial activity.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.