Nigeria’s leading cement manufacturing company Dangote Cement announced it has received approval from the Securities and Exchange Commission to raise fresh funds under its N300 billion debt issuance program.
Dangote cement disclosed this in a statement signed by Edward Imoedemhe, Deputy Company Secretary and obtained by Investors King.
The cement manufacturing company the money to expand operations and finance existing short-term debt.
The statement reads “Dangote Cement PLC (the “Company”) has obtained approval from its Board of Directors to access the Capital Markets for medium to long-term debt funding.
“The Company had submitted an application to the Securities and Exchange Commission in respect of the bonds, and relevant approvals have now been received. The bonds will be issued imminently, subject to favourable market conditions.
“The Company’s management has disclosed that the proceeds of the bonds will be applied towards funding expansion projects, refinance existing short-term debt and for general corporate purposes.”
