Dangote Cement seeks shareholders’ approval for “Share buy Back”
By Peter Egwuatu
Dangote Cement Plc has commenced steps to buy back its shares in a bid to improve return on equity and shareholder value.
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In a notification to the Nigerian Stock Exchange (NSE) yesterday Dangote Cement said it would convene an extra-ordinary general meeting (EGM) of shareholders for January 22, 2020, to amend its Articles of Association to enable it undertake a share buy-back of up to 10 percent of its issued shares on such terms, and conditions and at such times as the board of directors deems fit.
According to the company, “The relevant shares will be repurchased out of the profits of the company and any such number of shares bought under the programme is required to be cancelled in accordance with the Securities and Exchange Commission (SEC) rules and the NSE rule book which will consequently lead to a reduction in issued share capital.”
Chairman of the company, Alhaji Aliko Dangote, said the shareholders and staff are the bedrock of the company and expressed optimism on the prospects of the company.
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According to him, the company will be effectively operating in a minimum of 18 African countries, while it would soon increase the capacity of its Obajana Plant to 16 million metric tons, making it one of the biggest cement plant in the world.
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