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Dangote Cement plc completes its Tranche I shares buy-back programme with eyes on further tranches

The pre-heater towers at Dangote Cement factory at Ibese, Nigeria.

MON 11 JAN, 2021-theGBJournal- ‘’Following the conclusion of Tranche I, the total number of residual issued and fully paid outstanding shares of Dangote Cement Plc amounts to 17,000,307,404,’’ Dangote Cement plc, Africa’s leading cement producer, said as it announced the completion of the first tranche (Tranche I) of its share buy-back programme today.

The programme was first announced on 21 December, 2020 and the cement giant said ‘’the execution of this Tranche I did not have any material impact on the Company’s financial position.’’

The total number of shares repurchased is 40,200,000, representing 0.24% of the company’s issued and fully paid ordinary shares, valued at N9,769,478,307.80 at an average price of N243.0218.

The public company listed on The Nigerian Stock Exchange (NSE), said it will continue to monitor the evolving business environment and market conditions, in making decisions on further tranches of the Share Buy-Back Programme in statement to the NSE.

Dangote Cement currently operates in over ten African countries including Nigeria, Cameroon, Congo, Ethiopia, Ghana, Senegal, Sierra Leone, South Africa, Tanzania and Zambia.

The Company generated revenues of N761.44 billion in the nine-month period ended 30 September, 2020 (9M 2019: N679.79 billion) and a net profit of N208.69 billion (9M 2019: N154.35 billion).

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