Dangote Cement Plc has announced the commencement of its Tranche I share buy-back program. The company disclosed this information in a statement sent to the Nigeria Exchange Limited and made available to Nairametrics.
Under the Tranche I share buy-back program, Dangote Cement plans to repurchase up to 168,735,593 fully paid-up ordinary shares of 50 Kobo each. This represents 1% of the company’s total current issued shares.
The program is scheduled to begin on July 17, 2023, and will run for two days, concluding on July 18, 2023, or whenever the entire tranche size has been purchased. The shares will be acquired in the open market at the Nigeria Exchange Limited (NGX) throughout the program.
It’s important to note that the repurchased shares will be held as treasury shares, in accordance with the provisions of the Companies and Allied Matters Act (CAMA).
The execution of Tranche I is not expected to have a significant impact on the company’s financial position Shareholders of Dangote Cement who wish to participate in Tranche I of the share buy-back program are advised to contact their stockbrokers or registered capital market operators for guidance on submitting trades on the NGX’s trading platform.