Dangote Cement has completed the first tranche of a massive buy-back programme, in which the firm repurchased 0.71% of its outstanding shares, at an average price of N339 per share.
A total of 121,404,714 fully paid-up ordinary shares of 50 Kobo each, were repurchased on the open market on the Nigerian Exchange Limited.
Following the conclusion of Tranche I, the total number of issued and fully paid outstanding shares of Dangote Cement Plc, amounts to 16,752,154,537.
“The repurchased shares will be held as treasury shares and may subsequently be cancelled. Execution of this Tranche I did not have any material impact on the Company’s financial position,” Dangote Cement said in a statement.
Dangote Cement is Africa’s leading cement producer with operations in over ten (10) African countries including Nigeria, Cameroon, Congo, Ethiopia, Ghana, Senegal, Sierra Leone, South Africa, Tanzania and Zambia.
The Company generated revenues of N1.62 trillion for the year ended 31 December 2022 (FY 2021: N1.38 trillion) and net profit of N382.31 billion (FY 2021: N364.44 billion).