Dangote Cement Plc, Africa’s largest cement producer, has received the approval of the Securities and Exchange Commission (SEC) for the establishment of a new share buy-back programme. The programme will expire on December 12, 2023, twelve months from the date of the shareholders’ resolution.
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 Plc which was held on December 13, 2022, within the framework provided under Rule 398 (3)(xiv) of the Securities and Exchange Commission’s Rules and Regulations and under the approval of the Nigerian Exchange Limited.
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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.
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.
