Business
Dangote Cement to buy back 170m shares from shareholders
Dangote Cement Plc says it will repurchase 170 million ordinary shares from shareholders in the second tranche of its share buyback programme.
The shares are worth 1 percent of the company’s issued shares.
In a statement today, Edward Imoedemhe, deputy company secretary of Dangote Cement, said the programme will run from January 19 to January 20 or when the entire shares have been repurchased.
A buyback occurs when the issuing company pays shareholders the market value per share and re-absorbs that portion of its ownership that was previously distributed among public and private investors.
According to the company, this includes 40.2 million shares held as treasury shares, following the conclusion of Tranche I of the share buyback programme.
It said the transaction would take place at the open market on the Nigerian Exchange Limited (NGX), subject to prevailing market conditions and under the current daily trading rules of the NGX.
It also appointed Meristem Stockbrokers Limited and Vetiva Securities Limited as stockbrokers for the second tranche of the programme.
“Through its appointed Stockbrokers, the Company will, at its discretion, purchase DCP’s shares in the open market over the duration of Tranche II, subject to prevailing market conditions and under the current daily trading rules of the NGX,” the statement reads.
Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.
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