Dangote Cement Plc has announced the completion of the first tranche (Tranche I) of its share buy-back programme which was announced on December 21, 2020.

Relevant details of the Tranche-I share buyback programme show it commenced on Wednesday December 30, 2020 and completed on Thursday December 31, 2020. Shares repurchased were 40.2million units, representing 0.24percent of the Company’s issued and fully paid ordinary shares. Shares repurchased were value at N9.769billion at an average price of N243.02.

Following the conclusion of Tranche I, the total number of residual issued and fully paid outstanding shares of Dangote Cement Plc amounts to 17,000,307,404 units.

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Execution of this Tranche-I did not have any material impact on the Company’s financial position, according to a notice signed by Edward Imoedemhe, Deputy Company Secretary.

The Company said it will continue to monitor the evolving business environment and market conditions, in making decisions on further tranches of the Share Buy-Back Programme.

Dangote Cement is Africa’s leading cement producer with operations in over ten (10) African countries including Nigeria, Cameroon, Congo, Ethiopia, Ghana, Senegal, Sierra Leone, South Africa, Tanzania and Zambia.

The Company generated revenues of N761.44 billion in the nine-month period ended September 30, 2020 (9M 2019: N679.79 billion) and a net profit of N208.69 billion (9M 2019: N154.35 billion).

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By Iheanyi Nwachukwu • January 11, 2021

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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