The Securities and Exchange Commission, SEC, has approved Dangote Cement’s establishment of a new share buy-back program.
In a Corporate Disclosure to the Nigerian Exchange Ltd. (NGX) on Wednesday, the company stated that the program would expire on December 12, which is months from the date of the shareholders’ resolution.
According to the company, the share buy-back program will be carried out with the approval of Dangote Cement’s shareholders at the Extraordinary General Meeting, EGM.
It stated that the EGM held on December 13, 2022, was held within the framework provided by Rule 398 (3) (xiv) of the SEC’s Rules and Regulations and with 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.
In making decisions on tranches of the share buy-back program, the company will continue to monitor the evolving business environment and market conditions, it said.
Dangote Cement Plc is Sub-Saharan Africa’s largest cement producer, with 51.6Mta capacity installed across ten African countries.
It runs a fully integrated “quarry-to-customer” business that includes cement manufacturing, sales, and distribution.
Dangote Cement is a subsidiary of Dangote Industries Ltd., a diversified and fully integrated conglomerate that is a leading brand in Africa in businesses such as cement, sugar, salt, flour, pasta, beverages, and real estate, with new multibillion-dollar projects in the oil and gas, petrochemical, fertilizer, and agricultural sectors under construction.
NAN
