Dangote Cement Plc has announced the commencement of the first tranche (“Tranche I”) of its newly established share buy-back programme.
Tranche I will be executed under the approval granted by the Company’s shareholders at the Extraordinary General Meeting of Dangote Cement Plc (DCP) which held on 13 December 2022. Within the framework provided under Section 186 (c) of the Companies and Allied Matters Act, No. 3 of 2020 (as amended) (“CAMA”) and Rule 398 (3)(xiv) of the Securities and Exchange Commission’s (“SEC”) Rules and Regulations, 2013 (as amended from time to time) and in accordance with Rule 13.18 of the Rulebook of the Nigerian Exchange Limited (“NGX”), 2015.
Based on the aforementioned shareholders’ approval, the number of shares to be repurchased under the Share Buy-Back Programme will not exceed 10% of DCP’s issued capital.
The Programme is being effected in tranches, with Tranche I being executed by the appointed stockbrokers on the Company’s behalf.
The Company through its appointed Stockbrokers, will at its discretion purchase DCP’s shares in the open market over the duration of Tranche I, subject to prevailing market conditions and under the current daily trading rules of the NGX. DCP would however, not be under any obligation whatsoever to purchase any or all of the DCP shares put on offer over the duration of Tranche I.
The shares being bought back by the Company under the Share Buy-Back Programme will be held as treasury shares, as permissible under CAMA. Execution of this Tranche I is not expected to have any material impact on the Company’s financial position.
Dangote Cement shareholders seeking to participate in Tranche I of the Share Buy-Back Programme are hereby advised to contact their stockbrokers or any other independent professional adviser registered as a capital market operator by the SEC for further guidance on the submission of trades on the NGX’s trading platform.
DCP will provide weekly updates on the progress of Tranche I of the Programme on its website over the duration of this tranche. The Company will continue to monitor the evolving business environment and market conditions, in making decisions on subsequent tranches of the Share Buy-Back Programme.
Shareholders and investors are advised to exercise caution when dealing in the securities of Dangote Cement until the completion of Tranche I of the Share Buy-Back Programme. An announcement will be published upon completion of Tranche I of the Programme.