Dividends
Dangote Cement to Raise Fund Under N300 Billion Bond Issuance Programme
The board of Directors of Dangote Cement Plc has approved the company’s request to access the capital market for funds to support its growing business and maximize available sources of its debt funding.
The company stated in a statement signed by Edward Imoedemhe, Deputy Company Secretary.
The statement reads “Dangote Cement Plc. is Nigeria’s largest listed entity by market capitalization on the Nigerian Stock Exchange, as well as Sub-Saharan Africa’s leading cement producer, with a combined installed capacity of 48.6Mta across its operations in 10 African countries.
“The Company has submitted an application to the Securities and Exchange Commission (SEC) for the registration of a bond issuance programme.
“Subsequent to obtaining regulatory approvals, the Company intends to explore its medium to long-term debt funding options through the debt capital market, subject to favorable market conditions. When raised, the proposed funding will be used for capital expenditure of the Company’s expansion projects, short term debt refinancing, and working capital requirements.”