Dangote Cement Plc said it has obtained approval from its Board of Directors to access the Capital Markets for medium to long-term debt funding.
The Company said it had submitted an application to the Securities and Exchange Commission (SEC) in respect of the bonds, and relevant approvals have now been received. “The bonds will be issued imminently, subject to favourable market conditions,”Dangote Cement Plc said in a notice at the Nigerian Exchange Limited (NGX).
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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.
