Dangote Cement secures SEC approval for new share buy-back scheme
Dangote Cement has received approval of the Securities and Exchange Commission (SEC) for the establishment of a new share buy-back programme.
The company said in a Corporate Disclosure to the Nigerian Exchange Ltd. (NGX) on Wednesday that the programme would expire on Dec.12, which means months from the date of the shareholders’ resolution.
According to the company, the share buy-back programme will be executed under the approval granted by the company’s shareholders at the Extraordinary General Meeting, EGM of Dangote Cement.
It said the EGM which was held on December 13, 2022 was within the framework provided under Rule 398 (3) (xiv) of the SEC’s rules and regulation Rules and Regulations and under the approval of the NGX.
“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 of the company 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,” it said.
Dangote Cement Plc is Sub-Saharan Africa’s largest cement producer with an installed capacity of 51.6Mta capacity across 10 African countries.
It operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales and distribution of cement.
Dangote Cement is a subsidiary of Dangote Industries Ltd., a diversified and fully integrated conglomerate as well as a leading brand across Africa in businesses such as cement, sugar, salt, flour, pasta, beverages, and real estate, with new multibillion-dollar projects underway in the oil and gas, petrochemical, fertiliser and agricultural sectors.