Corporate Update on MILLICOM INTERNATIONAL CELLULAR S.A.

MILLICOM INTERNATIONAL CELLULAR S.A. (the “Company”) has filed a formal amendment to its Schedule 13G with the U.S. Securities and Exchange Commission, reflecting a change in the ownership position of the institutional investor Dodge & Cox. The amendment, dated 30 September 2026, was submitted on 12 November 2026 and constitutes the third modification since the initial filing of the Schedule 13G.

Key Elements of the Filing

  1. Ownership Threshold The amendment reports that Dodge & Cox’s stake in the Company’s common shares has increased to just above the regulatory 10 % ownership breakpoint. This adjustment triggers the mandatory reporting requirements under the Securities Exchange Act of 1934 for institutional investors who hold a significant equity interest.

  2. Nature of the Acquisition The disclosure confirms that the additional shares were acquired in the ordinary course of business. Dodge & Cox explicitly states that the transaction was not intended to influence control of the issuer, nor was it part of a larger strategy to alter ownership or governance dynamics.

  3. Share Details The filing enumerates the exact number of shares held, the voting rights attached to those shares, and any disposing powers that may be exercised. These details provide transparency for shareholders and market participants concerning the Company’s capital structure.

  4. Compliance and Transparency By adhering to the standard reporting protocol for institutional investors exceeding the 10 % threshold, the Company and its reporting party reinforce their commitment to regulatory compliance. The update assures investors that any significant changes in ownership are promptly communicated, thereby fostering confidence in the market’s integrity.

Corporate Context

  • Headquarters: The Company remains headquartered in Luxembourg, maintaining its status as a multinational telecommunications entity.
  • Reporting Party Location: Dodge & Cox’s principal office is in San Francisco, illustrating the global nature of institutional investment flows in the sector.

No additional corporate actions or financial statements were referenced in the filing, indicating that this amendment is solely a procedural update related to ownership reporting.

Market Implications

From a broader perspective, the filing underscores the importance of transparency for institutional investors in a rapidly evolving telecommunications landscape. While the ownership increase does not alter the Company’s control structure, it reflects the ongoing interest of major asset managers in the sector and signals confidence in the Company’s long‑term value proposition.

The regulatory compliance demonstrated by both the Company and Dodge & Cox aligns with industry best practices and supports the broader economic objective of maintaining orderly and well‑informed capital markets.