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Dangote Cement Plc, plans a buyback of up to 10 per cent of its issued shares, the company said in a statement on the Nigerian Exchange Limited on Sunday.
The company currently has 16,873,559,251 fully paid-up ordinary shares of 50 Kobo each. Therefore, the size of the share buyback is up to 1,687,355,925 fully paid-up ordinary shares, less the treasury shares in the company’s capital, the company said.
Shareholders of the company are expected to vote on the plan at an extraordinary general meeting slated to hold on December 13, 2022 in Lagos.
It said the authority granted will continue to be in force until the company has acquired up to an aggregate of 10% of its issued shares.
The price at which the buyback will be executed will be determined by the board, but it explained that this will not be more than 5% above the average calculated market price over the five days preceding the offer.
Dangote Cement said the share buyback is being undertaken in the interest of the shareholders, noting that such an exercise may result in an increase in the earnings per share, in the absence of any other mitigating factors.
Under a similar programme, Dangote Cement purchased 40,200,000 ordinary shares of 50 Kobo each from 30th December, 2020 to 31st December 2020, and 126,748,153 ordinary shares of 50 Kobo each from 19th January, 2022 and 20th January, 2022.
Those buybacks were made under the authority granted to the company by the shareholders at the extraordinary general meetings held on January 22, 2020, and May 26, 2021.
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