Devakumar Edwin a Director in Dangote Cement Plc has just purchased 1 million shares, according to a filing on the Nigerian Stock Exchange (NSE).
Edwin bought the shares on May 28, 2020 at N138.50 per share for a total consideration of N138.5 million plus transaction costs.
Dangote Cement had earlier announced a final dividend of N16 per share, to be paid electronically on June 16 to shareholders whose names appear in the Register of Members as at May 25, 2020.
This means Dangote Cement Director Edwin’s new 1 million shares position will not qualify for the 2019 dividend but may instead be a play on higher share prices into next year and possible larger dividends for 2021.
At MoneyCentral we always advice our readers to carefully watch what insiders are doing and follow the smart money.
Dangote Cement shares are down -15 percent in the past year and closed trading at N141 per share on Friday, up 1.41 percent.
Dangote Cement Director Purchases 1 million shares
