Sequel to the approval granted at the recently concluded 12th Annual General Meeting of the company, Dangote Cement Plc has announced the renewal of its Share Buyback Programme.
According to a disclosure signed by the company’s secretary, Edward Imoedemhe and seen by Nairametrics, the renewal of the Share Buyback Programme is premised on timelines and terms to be determined by Board of Directors, subject to obtaining requisite regulatory approval.
It is worthy to note that Nairametrics had earlier reported the initial commencement of the programme, in which the firm is expected to buy back 85 million issued shares of the company. The programme was meant to be effected in tranches, and the first tranche was executed by Meristem Stockbrokers Limited and Vetiva Securities Limited.
The Share Buy-Back Programme is in line with the framework provided under Rule 398 (3)(xiv) of the Securities and Exchange Commission’s (“SEC”) Rules and Regulations (as applicable) and in accordance with Rule 13.18 of the Rulebook of the Nigerian Stock Exchange (“The NSE”).
However, given the debilitating impact of the COVID-19 pandemic, the firm disclosed that it became apparently difficult for it to effectively implement the programme as planned. With the recent stabilization of the economy and improvement in economic conditions, evident by the growth in the nation’s GDP, the Board of Directors consequently agreed to fully implemnent further tranches of the programme.
For more information about the recent disclosure, click HERE.