Dangote Cement to Resume Share Buyback

Shareholders of Dangote Cement Plc have passed a special resolution for the company to resume its share buyback programme at the just concluded Annual General Meeting (AGM) held on May 26th 2021 at Eko Hotel and Suites, Victoria Island, Lagos.

The Share Buyback Programme will be done on such terms and conditions and within such timelines as the Board of Directors will determine.

The leading cement manufacturer announced on January 22, 2020 that it will repurchase up to 10 percent of its total issued shares from the shareholders.

However, Covid-19 disrupted the company’s plan to fully implement the Programme as planned.

According to a statement signed by Edward Imoedemhe, Deputy Company Secretary, Dangote Cement Plc, the company will now resume the repurchase programme given the improvement in economic conditions of the nation and stabilisation of the stock market.

“With the stabilization of the stock market and improvement in economic conditions, the Board of Directors consequently decided that it is in the best interest of the Company to undertake further tranches of the Programme,” the company stated.