Dangote Cement Reveals Plan To Buy Back 10 Per Cent Of Its Shares

Dangote Cement Plc revealed on Sunday that it plans to buy back up to 10 per cent of its issued shares.

The company made this known in a statement filed with the Nigerian Exchange Limited

According to the statement, the company currently has 16,873,559,251 fully paid-up ordinary shares of 50 Kobo each. Therefore, the size of the share buyback is up to 1,687,355,925 fully paid-up ordinary shares, less the treasury shares in the company’s capital.

Dangote Cement Shareholders are expected to vote on the plan at an extraordinary general meeting slated to hold on December 13, 2022, in Lagos, and the price at which the buyback will be executed will be determined by the board, but it explained that this will not be more than 5% above the average calculated market price over the five days preceding the offer.

The statement further explained that the authority granted will continue to be in force until the company has acquired up to an aggregate of 10% of its issued shares.

Dangote Cement said the share buyback is being undertaken in the interest of the shareholders, noting that such an exercise may result in an increase in the earnings per share, in the absence of any other mitigating factors.