Nairametrics
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Ranking & Reviews
  • Markets
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Content Partners
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Get Data
    • Macro-Economic News
    • Research Analysis
  • General News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Spotlight

Dangote Cement commences buy back of 85 million issued shares of the company

Omokolade Ajayi by Omokolade Ajayi
December 22, 2020
in Spotlight, Stock Market
Dangote Cement Plc. appoints Ms. Berlina Moroole as non-Executive Director, FMDQ Exchange Admits Dangote Cement Plc Series 1 Bond on its Platform
Share on FacebookShare on TwitterShare on Linkedin

Dangote Cement Plc has announced the commencement of its share buy-back programme, under the approval granted by the Company’s shareholders at the Extraordinary General Meeting of DCP, held on 21 January 2020.

This announcement was made in a notification issued this morning, the 21 December, before the opening of the stock market. This is also the first share buyback in Nigeria’s stock market history, according to Nairametrics checks.

READ: Africa’s richest man, Aliko Dangote, net worth drops to $15.9 billion

According to the notification, 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”).

READ: Fidelity Bank MD/CEO purchases 5 million additional shares worth N12.97 million

Key highlights from the notification

  • Based on the aforementioned shareholders’ approval, the number of shares to be repurchased under the Share Buy-Back Programme will not exceed 10% of DCP’s issued capital.
  • The Programme will be effected in tranches, as the first tranche under the Company’s share buy-back programme will commence on the 30th of December 2020, and will be completed on the 31st of December 2020.
  • During this period, the approved brokers of the company would purchase up to 85,202,537 fully paid-up ordinary shares of 50 Kobo each, representing 0.5% of the entire current issued shares of 17,040,507,404 ordinary shares.
  • The first tranche under the Company’s Share Buy-Back Programme will be executed by Meristem Stockbrokers Limited and Vetiva Securities Limited, the appointed stockbrokers of the Company under the programme. The stockbrokers will at their discretion purchase DCP shares in the open market between 30th and 31st December, subject to prevailing market conditions and under the current daily trading rules of the NSE.
  • The shares being bought back by the Company under the Share Buy-Back Programme will be held as treasury shares, and may subsequently be cancelled. Execution of this Tranche I is not expected to have any material impact on the Company’s financial position.

READ: Ikeja Electric tops with 10.7% approved meter allocation – NERC

What you should know

Nairametrics reported a year ago that the Board of Directors of Dangote Cement Plc announced it would convene an extra-ordinary general meeting (EGM) of shareholders for January 22, 2020, in a bid to obtain shareholders’ approval to amend its Articles of Association, which would enable the Company to undertake a share buy-back of up to 10 percent of its issued shares, in line with the concluded arrangement.

READ: FCMB postpones issuance of its recently announced Commercial Paper worth N30 billion

What to expect

  • Shareholders seeking to participate in the first Tranche under the Share BuyBack Programme are hereby advised to contact their stockbrokers or any other independent professional adviser registered as a capital market operator by the SEC for further guidance on the submission of trades.
  • Dangote Cement will provide weekly updates on the progress of the First Tranche of the Programme on its website over the duration of this tranche.
  • However, the Company will continue to monitor the evolving business environment and market conditions, in making decisions on further tranches of the Share Buy-Back Programme.
  • Upon the completion of this programme, an announcement will be published on the website of the company and issued on the website of the Nigerian Stock Exchange, in line with the exchange and the company’s policy on full disclosure.

READ: Banks to lose interest on petrol subsidy-induced loans

Related

Tags: Business NewsDangote cementFeaturedNNPC Nigeria News

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Access Bank
Bankers Committee
Flowmono

Bfpeer
Mega Millions
FCMB
Ikeja Electrics
Zenith CEX
Kwakol Markets
First bank





    Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

    Recent News

    • Microsoft’s update to Windows 11 offers new exciting features 
    • 5 ways to reduce your recruitment costs without compromising the quality of your hires
    • Expert says remote working, automation of manual processes, others are new normal in Nigeria

    Follow us on social media:

    Recent News

    Microsoft advises users to uninstall Windows 11 update

    Microsoft’s update to Windows 11 offers new exciting features 

    May 22, 2022
    Asking the right questions at the end of an interview

    5 ways to reduce your recruitment costs without compromising the quality of your hires

    May 22, 2022
    • ABOUT US
    • CONTACT US
    • PRODUCTS
    • ANDROID APP
    • iOS APP
    • DISCLAIMER
    • CAREERS
    • PRIVACY POLICY

    © 2022 Nairametrics

    No Result
    View All Result
    • Home
    • Exclusives
      • Analysis
      • Corporate Stories
      • Interviews
      • Investigations
      • Ranking & Reviews
    • Markets
      • Cryptos
      • Commodities
      • Equities
        • Dividends
        • Stock Market
      • Fixed Income
      • Market Views
      • Securities
    • Industries
      • Company News
      • Consumer Goods
      • Content Partners
      • Corporate deals
      • Corporate Press Releases
      • Energy
      • Entertainment
      • Financial Services
      • Hospitality & Travel
      • Manufacturing
      • Real Estate and Construction
      • Tech News
    • Economy
      • Get Data
      • Macro-Economic News
      • Research Analysis
    • General News
    • Financial Literacy
      • Career tips
      • Personal Finance
    • Lifestyle
      • Billionaire Watch
      • Profiles
    • Opinions
      • Blurb
      • Op-Eds

    © 2022 Nairametrics

    Social Media Auto Publish Powered By : XYZScripts.com