Dangote Cement to Buy Back Shares

In a bid to cut down its share capital, Dangote Cement has concluded plans to buy back 10 per cent of its shares in the New Year.

 

The company will be seeking to get the approval of its shareholders to implement this share buy-back plan during its Extraordinary General Meeting scheduled for January 22, 2020 in Lagos.

 

In a release signed by Edward Imoedemhe, Deputy Company Secretary, the company explained “That unless otherwise required under the applicable law or directed by the appropriate regulatory authority, they may cancel such number of issued shares repurchased, or otherwise acquired under the Proposed Transaction as confirmed by the company’s registrar and diminish the amounts of its share capital by the amount of the shares so cancelled, in accordance with all applicable laws and regulations.”

 

Dangote  Cement  plans  to buy back  1,704, 050, 741  units representing 10 per cent of its  current  17, 040,507, 405 ordinary shares.

 

Dangote Cement to buy back shares