Dangote Cement Plc announces completion of Tranche II Share buy-back programme

Dangote Cement Plc has announced the completion of its second tranche of share buy-back programme which lasted for two days, from January 19-20, 2022.

The Tranche II of the programme entailed the repurchase of 126,748,153 units of shares, representing 0.74% of the Company’s issued and fully paid ordinary shares, at an average price of N276.89, representing a total consideration of N35.095 billion.

The company made this announcement via a disclosure signed by the Deputy company Secretary, Edward Imoedemhe and filed with the Nigerian Exchange Limited.

The disclosure further states that the total number of residuals issued and fully paid outstanding shares of Dangote Cement Plc currently amounts to 16,873,559,251. In addition, the repurchased shares will be held as treasury shares and may subsequently be cancelled.

It also mentioned that the execution of the Tranche II share buyback programme did not have any impact on the company’s financial position.

The company announced the commencement of the Tranche II share buyback programme on January 12, 2022, which was to be carried out on the Open Market of the Nigerian Exchange Limited, subject to prevailing market conditions.

The second tranche of the programme comes a year after the first tranche of share buyback was concluded on December 31, 2020, repurchasing shares worth N40.20 million at N243 per share, at a total value of N9.8 billion.