By Peter Egwuatu

Dangote Cement Plc has concluded arrangement to buy back its shares and is seeking shareholders’ approval in move aimed at improving return on equity and shareholder value.

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In a notification to the Nigerian Stock Exchange (NSE), today (Monday) Dangote Cement  said it would convene an extra-ordinary general meeting (EGM) of shareholders for January 22, 2020, to amend its Articles of Association to enable it undertake a share buy-back of up to 10 percent of its issued shares on such terms, and conditions and at such times as the board of directors deems fit.

According to Dangote Cement, the programme was in line with the company’s corporate strategy to improved its return on equity, and shareholder value in order to future long term growth.

“The relevant shares will be repurchased out of the profits of the company and any such number of shares bought under the programme is required to be cancelled in accordance with the Securities and Exchange Commission (SEC) rules and the NSE rule book which will consequently lead to a reduction in issued share capital,” the company said.

And the chairman of the company, Alhaji Aliko Dangote said the shareholders and staff were bedrock of the company and expressed optimism on the prospects of the company.

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According to him, the company will be effectively operating in a minimum of 18 African countries in a short while by increasing the capacity of its Obajana Plant to 16 million metric tons, making it one of the biggest cement plant in the world.

Vanguard