Dangote Cement delivers first tranche of share buyback
Leading African cement lord, Dangote Cement Plc has announced the completion of the first tranche of its share buyback programme. According to a statement by the Deputy Company Secretary, Edward Imoedemhe, the commencement date was December 30, 2020 while completion date was December 31, 2020.
Total number of shares repurchased was 40.20 million at an average price of N243 per share, representing 0.24 per cent of the company’s issued and fully paid ordinary shares while total value of shares repurchased was N9.77bn. The company noted that following the conclusion of Tranche I, the total number of residual issued and fully paid outstanding shares of DCP amounts to 17,000,307,404.
“Execution of this Tranche I did not have any material impact on the company’s financial position. The company will continue to monitor the evolving business environment and market conditions, in making decisions on further tranches of the share buy-back programme,” it said. The company’s shareholders recently voted in support of the share buyback plans.