By Peter Egwuatu
Dangote Cement Plc Africa has announced establishing a new N150 billion Commercial Paper Programme (Commercial Paper).
Dangote Cement’s Deputy Company Secretary , Edward Imoedemhe disclosed this in a statement sent to the Nigerian Exchange Limited, NGX , noting that the programme allowed the Company to broaden its funding sources and, combined with it N300 billion multi-instrument issuance Bond programme, increases access to capital market funding.
According to the statement: “ The Commercial Paper will be used for working capital and general corporate purposes.”
Commenting on the bond issuance, Michel Puchercos, Chief Executive Officer of Dangote Cement Plc, said: “The establishment of a new N150 billion Commercial Paper confirms Dangote
Cement Plc’s ambition to maintain its long and successful track record of accessing the Nigerian debt capital market. Dangote Cement has issued an aggregate of N450 billion in Commercial Papers since 2018.I want to thank our stakeholders and investors who contributed to the success of all the previous issuances of the commercial paper programme. We look forward to the same warm reception as we engage with fixed income investors under this new programme. Thank you again for your continued trust in Dangote Cement.”