Capital Market
Share Buyback: Dangote Cement Repurchased N35 Billion Worth of Shares
Dangote Cement Plc has completed the second tranche of its share repurchase programme announced on January 12 January 2022.
The company commenced the share repurchase on Wednesday, 19 January 2022 through open market mode on the Nigerian Exchange Limited and completed it on Thursday, 20 January 2022.
Dangote Cement repurchased 126,748,153 shares or 0.74 percent of the company’s issued and fully paid ordinary shares. At an average price of N276.89 a unit, the company spent N35.095 billion on the repurchase.
This was contained in a statement signed by Edward Imoedemhe, Deputy Company Secretary, Dangote Cement Plc.
The statement read in part, “Following the conclusion of Tranche II, the total number of residuals issued and fully paid outstanding shares of DCP amounts to 16,873,559,251. The repurchased shares will be held as treasury shares and may subsequently be cancelled.
“Execution of this Tranche II did not have any material impact on the Company’s financial position.”