Dangote Cement, one of Sub-Saharan Africa’s leading cement producers, has introduced Series 10 and 11 of its Commercial Papers as part of its N300 billion Issuance Programme.
This move, which aims to raise up to N50 billion, commenced on Monday and is scheduled to conclude on Tuesday.
The Commercial Paper Programme was originally established at N150 billion in August 2021 and was expanded to N300 billion on July 13, 2023.
It is noteworthy that this Commercial Paper has been listed on the FMDQ Securities Exchange Limited.
The net proceeds from each series under the Commercial Paper Programme will be deployed to “support Dangote Cement’s short-term financing requirements and general corporate purposes.” Furthermore, the repayment will be sourced from the issuer’s operating cash flows.
Dangote Cement, with a total capacity of 52 million metric tonnes per annum, is a major player in the cement industry, operating in 10 African countries.
It manages a fully integrated business model, overseeing activities ranging from quarrying and manufacturing to the distribution and sale of cement products.
In the first nine months of 2023, Dangote Cement recorded a substantial increase in earnings, reaching N933.08 billion, marking a 4.76% growth compared to the same period in 2022.
This development underscores the company’s strong financial performance and its commitment to further growth and expansion.
