Dangote Cement Obtains Approval to Repurchase Shares
Africa’s largest cement producer, Dangote Plc, has announced that the group has secured fresh approval from the Securities and Exchange Commission to establish a new share buy-back programme.
According to the group, the programme will expire on 12 December 2023, 12 months from the date of the shareholders’ resolution.
It said the share buy-back programme will be executed under the approval granted by the Company and within the framework provided by the Securities and Exchange Commission’s Rules and Regulations and under the approval of the Nigerian Exchange Limited.
The statement reads that the group shareholders had granted approval for share repurchased at the Extraordinary General Meeting of Dangote Cement held on 13 December 2022.
“The share buy-back will be undertaken through an open market offer or self-tender, at such times and on such terms as the Management may determine, subject to prevailing market conditions.
“The Company will continue to monitor the evolving business environment and market conditions, in making decisions on tranches of the share buy-back programme”, Dangote cement stated.
In the stock market, investors react positively as the stock market price rose 1.79% 1o N285. This pushed the market valuation of its 17.040 billion shares outstanding to N4.856 trillion. # Dangote Cement Obtains Approval to Repurchase Shares