• Sat. Jun 10th, 2023

    Dangote cement completes first tranche of share buyback; remains Africa’s dominant cement producer

    Dangote Cement PLC, a public company listed on the Nigerian Stock Exchange on Monday announced the completion of the first tranche of its share buyback programme by successfully re-purchasing about 40.2million of its equity.

    The total value of the repurchased shares put at N9.77billion represents only about 0.24 percent of the company’s aggregate issued and fully paid ordinary shares.

    “Dangote Cement Plc hereby announces the completion of the first tranche of its share buy-back programme
    “Following the conclusion of Tranche I, the total number of residual issued and fully paid outstanding shares of Dangote Cement PLC amounts to 17,000,307,404.

    “Execution of this Tranche I did not have any material impact on the Company’s financial position. The Company will continue to monitor the evolving business environment and market conditions, in making decisions on further tranches of the Share Buy-Back Programme,” the company said.

    Making the completion of the share buyback programme public in an official announcement contained in the company’s filing with the Nigerian Stock Exchange, the company’s Deputy Company Secretary, Edward Imoedemhe
    said average price of each of the repurchased shares was about N243.02.

    The commencement of the programme announced on December 21, 2020 and lasted between Wednesday, December 30, 2020 and Thursday, December 31, 2020, was aimed at helping the company maintain its dormant position in the cement production sector in Africa.

    The programme was held under the Open Market mode in the Nigerian Stock Exchange, Mr Imoedemhe said.

    Dangote Cement is Africa’s leading cement producer with operations in over 10 countries in the continent, namely Nigeria, Cameroon, Congo, Ethiopia, Ghana, Senegal, Sierra
    Leone, South Africa, Tanzania and Zambia.

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