Dangote Cement has successfully completed the first tranche of its share buyback program, which was announced in early July.
According to a corporate notice filed on the Nigerian Exchange Limited on Thursday, the first tranche commenced on Monday and concluded on Tuesday through open market transactions on NGX.
During this process, Dangote Cement repurchased a total of 121,404,714 shares, representing 0.71 per cent of the company’s issued and fully paid ordinary shares. The total value of the repurchased shares amounted to N41.155 billion, at an average price of N339.
Following the completion of tranche I, the total number of issued and fully paid outstanding shares of Dangote Cement stands at 16,752,154,537.
The repurchased shares will be held as treasury shares and may be canceled at a later stage.
In its 2022 financial year report, Dangote Cement recorded revenues of N1.62 trillion for the year ended (FY 2021: N1.38 trillion) and a net profit of N382.31 billion (FY 2021: N364.44 billion). Dangote Cement is operational in over 10 African countries.
