Shareholders of Dangote Cement Plc on Tuesday authorised the management of the company to undertake a share buyback of up to 10 per cent of its issued shares.
This was disclosed in a statement signed by Francis Browne, Media and Communication Officer, Dangote Group, in Lagos.
The approval, the company said, was given at its Extraordinary General Meeting, and recorded a 100 per cent approval from the shareholders, with many of them describing the development as a win-win situation.
According to the statement, Dangote cement had earlier indicated interest to undergo a share buyback programme of up to 10 per cent of its issued shares.
This move, Dangote Cement said, would serve to improve the company’s return on equity and its shareholders’ value to facilitate the future long-term growth of the company.
“Among other resolutions, the shareholders authorised that the Memorandum and Articles of Association of the company be amended (as applicable), upon completion of the share buyback, to reflect the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.
“The board was also authorised to ensure that the amendment of the articles of association of the company reflects the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company,” it reads.
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