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Dangote Cement completes N35bn tranche II share buy-back

Dangote Cement Plc (DCP), yesterday, announced the completion of the second tranche (Tranche II) of its share buy-back programme valued at N35.095 billion, which was announced on January 12, 2022. According to the statement signed by Edward Imoedemhe, Deputy Company Secretary, total number of shares repurchased was 126,748,153 worth N35.095 billion at an average price of N276.89 representing 0.74 per cent of the company’s issued and fully paid ordinary shares. “Following the conclusion of Tranche II, the total number of residuals issued and fully paid outstanding shares of DCP amounts to 16,873,559,251.

The repurchased shares will be held as treasury shares and may subsequently be cancelled. Execution of this Tranche II did not have any material impact on the company’s financial position,” the statement noted. FMDQ Exchange, through its Board Listings and Markets Committee, recently welcomed the quotation of the Dangote Cement Plc N15.20 billion Series 1, N7.96 billion Series 2 and N17.84 billion Series 3 Commercial Papers (CPs) under its N150.00 billion Commercial Paper Issuance Programme on its platform. Dangote Cement Plc, a subsidiary of Dangote Industries, is sub-Saharan Africa’s leading cement company, with a production capacity of 48.6 million tonnes per year across ten (10) countries.

The proceeds from the Dangote Cement Series 1 – 3 CPs, which were sponsored on the Exchange by Stanbic IBTC Capital Limited – a Registration Member (Quotation) of FMDQ Exchange, will be used to support the company’s shortterm working capital and funding requirements. FMDQ, in a statement, said with the growing interest of corporate entities in the commercial paper market to finance shortterm funding and liquidity requirements through the DCM, FMDQ Exchange remains unrelenting in its provision of integrated services to stakeholders, spearheading initiatives to boost secondary market liquidity and facilitating effective price formation, among other activities via its platform.

 

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