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It was a straight win for the board and management of leading cement conglomerate, Dangote Cement, as shareholders on Wednesday approved Share Buy-Back Plans by the board in Lagos.
Business Hilights reports that proceedings at extra-ordinary general meeting (EGM) of the company, shareholders, who were elated after detailed briefings and explanations from the management, gave a resounding yes to the plan.
The approved proposal, which is for the company to buy back 10 per cent of its shares, was said to be in line with its corporate strategy to improve its return on equity and shareholder value.
Additional detail revealed that the board of Dangote Cement Plc proposed the share buy-back programme that would allow for the purchase of 1.70 billion shares out of the 17.04 billion fully paid up ordinary shares of 50 kobo each.
Responding on the share buy-back deal, founding National Coordinator of the Independent Shareholders Association (ISA), Sir. Sunny Nwosu said Nigerian shareholders would forever appreciate the share buy-back plan of the company especially at this time of the year.
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