Dangote Cement Plc has announced that the second tranche of its share repurchase program has begun.
The move was accepted by the company’s shareholders during the Annual General Meeting in May 2021.
The company’s disclosure, which was signed by Edward Imoedemhe, the company’s secretary, and submitted with the Nigerian Exchange Limited, disclosed this.
Up to 170,003,074 fully paidup ordinary shares of 50 Kobo each, representing 1% of the presently issued shares, less treasury shares, will be repurchased under the second tranche of the program.
The program will begin on the 19th Wednesday of January 2022 and run for two days, ending on the 20th Thursday of January 2022 or whenever the entire tranche size has been purchased.
It is crucial to note that the shares will be purchased in the open market during the program, and will be subject to current market conditions as well as the NGX’s current daily trading guidelines.
The repurchased shares, on the other hand, will be retained as treasury shares by the firm.
Shareholders of Dangote Cement Plc who wish to participate in the program may contact their stockbrokers or any other independent professional adviser registered as a capital market operator by the Securities and Exchange Commission for further guidance.