Dangote Cement completes share buyback

By Kayode Tokede

Dangote Cement Plc has announced the completion of the first tranche (Tranche I) of its share buy-back programme which led to a repurchase of 40,200,000 shares, representing 0.24per cent of the company’s issued and fully paid ordinary shares at N9,769,478,307.80.

Dangote Cement in a notification at the Nigerian Stock Exchange NSE) on Monday said the average price of the purchase was N243.0218 per share.

The exercise which was announced on 21 December, 2020 commenced on Wednesday, 30 December, 2020 and completed on Thursday, 31 December, 2020.

According to the group, “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.”

There was no movement in Dangote stock price on Monday at N225 despite 157 transactions involving 481,887 shares valued at N104,400,396.40.

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