Dangote Cement shareholders approve 10% share buy-back programme

Dangote Cement shareholders approve 10% share buy-back programme

By Rukayat Moisemhe, Lagos.

 

Shareholders of Dangote Cement Plc on Tuesday unanimously authorised the management of the company to undertake a share buyback of up to 10 per cent of its issued shares.

 

A statement signed by Mr Francis Browne, Media and Communication Officer, Dangote Group, made this known in Lagos.

 

The statement said that Dangote Cement Plc. had earlier indicated interest to undergo a share buyback programme of up to 10 per cent of its issued shares.

 

It said that the company was given the approval at its Extraordinary General Meeting, adding that the proposal received a 100-per-cent approval from the shareholders, with many of them describing the development as a win-win situation.

 

It said that the move would enable Dangote Cement to improve its returns on equity and its shareholders’ value to facilitate the future long-term growth of the company.

 

“Among other resolutions, the shareholders authorised that the Memorandum and Articles of Association of the company be amended (as applicable), upon completion of the share buyback, to reflect the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.

 

“The board was also authorised to ensure that the amendment of the articles of association of the company reflects the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company,” it said.

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