Arnal Maria Teresa 4

What Happened

• Maria Teresa Arnal, a director of Millicom International Cellular S.A. (TIGO), was granted 1,420 shares on 2026-05-20 (reported as an award/acquisition at $0.00). On the same date, 284 shares were disposed of at $73.92 each for a reported value of $20,993.
• The 284-share disposition reflects shares withheld to satisfy tax obligations arising from the award, not an open-market cash-sale by the insider. Net of withholding, Arnal received 1,136 shares from this award.

Key Details

• Transaction date: 2026-05-20.
  • Award/acquisition: 1,420 shares @ $0.00 (value reported $0).
  • Disposal/withholding: 284 shares @ $73.92 = $20,993.
• Footnote: Issuer withheld 284 common shares solely to satisfy tax obligations upon transfer (footnote F1).
• Shares owned after the transactions: not provided in the supplied filing details.
• Filing: Form 4 was filed 2026-07-06 (the report lists the transaction date as 2026-05-20), which is later than the usual two-business-day reporting window for Form 4s.

Context

• This is a routine equity award with standard tax withholding. Withheld shares used to cover taxes are common and do not necessarily indicate the insider is reducing their position for investment reasons.
• For retail investors: awards increase insider ownership but are compensation-related; purchases (personal cash buys) typically carry stronger signals than awards or tax-withhold disposals.