Dangote Cement Plc which recently released its FY 2017 results, has unveiled plans to raise ₦300 billion through a bond shelf programme. Brian Egan Chief Financial Officer (CFO) of the firm, disclosed this during an investor conference call.
In addition to the proposed Naira bond raise, the company is also considering raising more capital through Eurobonds. The Naira bonds will be raised in tranches of N50 billion.
Purpose of the debt raise
The funds raised will be used for capital projects including the construction of export facilities at Nigeria’s ports. This will enable the firm export much needed raw materials to its other subsidiaries. The company had in July last year, disclosed plans to expand its production capacity from 45 million tonnes to 80 million tonnes per annum.
Dangote Cement currently has operations in Senegal, Sierra Leone, Ghana, Cameroon, South Africa, Zambia, Tanzania, Congo and Ethiopia.
The Dangote Group manages Terminal E of the Apapa ports through a subsidiary Greenview Development Services Limited.
Dangote Cement Plc was incorporated in Nigeria as a public limited liability company on 4th November, 1992 and commenced operations in January 2017 as Obajana Cement Plc. The name was changed on 14th July, 2010 to Dangote Cement Plc.
FY 2017 results show Revenue increased from ₦615 billion in 2016 to ₦805 billion in 2017. Profit before tax went up from ₦189 billion in 2016 to ₦289 billion in 2017. Profit after tax also surged from ₦142 billion in 2016 to ₦204 billion in 2017. The company declared a dividend of ₦8.50 per share.
Dangote Cement is currently trading at ₦260 in today’s trading session on the Nigerian Stock Exchange (NSE), down 1.89%. Year to date, the stock is up 15.22%
Covid-19: WHO approves China’s Sinopharm vaccine
WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.
The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination. The vaccine is reported to have 79% efficacy against covid.
This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.
“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.
The WHO added that the easy storage requirements make it highly suitable for low-resource settings.
“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.
“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.
The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.
The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.
In case you missed it
The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.
“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead
Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead
A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.
According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.
Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.
She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.
The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.
Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.
Nairametrics | Company Earnings
Access our Live Feed portal for the latest company earnings as they drop.
- Okomu Oil proposes dividend worth N6.7 billion for shareholders.
- Ardova Plc confirms appointment of Oladeinde Nelson-Cole as secretary.
- Cadbury Nigeria Plc set to hold 56th Annual General Meeting (AGM) on June 16.
- FCMB Group Plc appoints Muibat Ijaiya as Director.
- Afromedia Plc reports a loss after tax of N27.3 million in Q1 2021.