Dangote Cement Plc, Africa’s largest cement producer, has announced the launching of a new N150 billion Commercial Paper (CP) programme.
This is according to a notice signed by the company’s secretary, Edward Imoedemhe, and sent to the Nigerian Exchange Limited (NGX).
According to the disclosure, the new CP programme combined with an existing N300 billion multi-instrument issuance Bond programme will help broaden the firm’s funding sources and further ease access to capital market funding.
In addition, the cement manufacturing giant stated that the new commercial paper will be used to match working capital requirements and meet up with general corporate obligations.
Commenting on the recent development, the Chief Executive Officer of Dangote Cement Plc, Michel Puchercos said: ‘’The establishment of a new ₦150 billion Commercial Paper confirms Dangote Cement Plc’s ambition to maintain its long and successful track record of accessing the Nigerian debt capital market. Dangote Cement has issued an aggregate of ₦450 billion in Commercial Papers since 2018.
‘’I want to thank our stakeholders and investors who contributed to the success of all the previous issuances of the commercial paper programme. We look forward to the same warm reception as we engage with fixed income investors under this new programme. Thank you again for your continued trust in Dangote Cement.”
What you should know:
It is pertinent to note that the new CP has been registered on the platform of FMDQ Securities Exchange.
As at the period of reporting this, Dangote Cement Plc is currently trading at N245 per share.