Capital Market
Securities and Exchange Commission Approves Dangote Cement Share Buy Back Renewal
Dangote Cement Plc has received approval from the Securities and Exchange Commission (SEC) for the renewal of its share buy-back programme until January 21, 2022.
In the statement signed by Edward Imoedemhe, Deputy Company Secretary, Dangote Cement Plc, Africa’s largest cement producer said “The share buy-back programme will be executed under the approval granted by the Company’s shareholders at the Annual General Meeting of Dangote Cement PLC which was held on 26 May 2021, within the framework provided under Rule 398 (3)(xiv) of the Securities and Exchange Commission’s Rules and Regulations and under the approval of the Nigerian Exchange.
“The share buy-back will be undertaken through an open market offer or self-tender, at such times and on such terms as the management of the Company may determine, subject to prevailing market conditions. The Company will continue to monitor the evolving business environment and market conditions, in making decisions on tranches of the share buy-back programme.”