Dangote Cement successfully purchased shares worth N9.77 billion

Dangote Cement has announced the completion of the first tranche of its share buy-back programme.

By Omokolade Ajayi

Dangote Cement Plc has announced the completion of the first tranche of its share buy-back programme, as the cement behemoth bought back shares of the company worth N9.77 billion.

This announcement was made by the management of the company, in a recent statement issued and signed by the Deputy Company Secretary, Mr Edward Imoedemhe, today, 11 January 2021.

During the first tranche of the share buyback programme which commenced on Wednesday, 30 December 2020 and ended on Thursday, 31 December 2020, the company on the open market of the Nigerian Stock Exchange purchased 40,200,000 ordinary shares of the company at an average price of N243.02, representing 0.24% of the Company’s issued and fully paid ordinary shares.

What you should know

• Following the conclusion of Tranche I, the total number of residual issued and fully paid outstanding shares of DCP amounts to 17,000,307,404.
• However, the completion of the share buyback programme of the company does not portend any material impact on the Company’s financial position, and the operation of the company as a going concern.