July 7, 2023
SHARE BUY-BACK PROGRAMME BY DANGOTE CEMENT PLC – COMMENCEMENT OF TRANCHE I
Dangote Cement Plc (“Dangote Cement” or “DCP” or the “Company”) hereby announces the commencement of the first tranche (“Tranche I”) of its newly established share buy-back programme (the “Share Buy-Back Programme” or the “Programme”).
Tranche I will be executed under the approval granted by the Company’s shareholders at the Extraordinary General Meeting of DCP which held on 13 December 2022. Within the framework provided under Section 186 (c) of the Companies and Allied Matters Act, No. 3 of 2020 (as amended) (“CAMA”) and Rule 398 (3)(xiv) of the Securities and Exchange Commission’s (“SEC”) Rules and Regulations, 2013 (as amended from time to time) and in accordance with Rule 13.18 of the Rulebook of the Nigerian Exchange Limited (“NGX”), 2015. 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 is being effected in tranches, with Tranche I being executed by the appointed stockbrokers on the Company’s behalf.
Relevant details of this Tranche I are set forth below:
|Tranche Number:||Tranche I|
|Current Issued and Fully Paid-Up Shares*:||16,873,559,251 fully paid-up ordinary shares of 50 Kobo each (excluding treasury shares)|
|Tranche Size:||Up to 168,735,593 fully paid-up ordinary shares of 50 Kobo each, representing 1% of the entire current issued shares|
|Commencement Date:||Monday, 17 July 2023|
|Completion Date:||Tuesday, 18 July 2023, or when the entire Tranche I size has been purchased; whichever is earlier|
|Duration:||Two (2) trading days|
|Mode/Exchange:||Open Market on the NGX|
|Tranche Number:||Tranche I|
*This excludes 166,948,153 shares held as treasury shares, following the conclusion of Tranche I and II of the Company’s previous Share Buyback Programme.
The Company through its appointed Stockbrokers, will at its discretion purchase DCP’s shares in the open market over the duration of Tranche I, subject to prevailing market conditions and under the current daily trading rules of the NGX. DCP would however, not be under any obligation whatsoever to purchase any or all of the DCP shares put on offer over the duration of Tranche I.
The shares being bought back by the Company under the Share Buy-Back Programme will be held as treasury shares, as permissible under CAMA. Execution of this Tranche I is not expected to have any material impact on the Company’s financial position.
Dangote Cement shareholders seeking to participate in Tranche I of the Share Buy-Back 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 on the NGX’s trading platform.
DCP will provide weekly updates on the progress of Tranche I of the Programme on its website over the duration of this tranche. The Company will continue to monitor the evolving business environment and market conditions, in making decisions on subsequent tranches of the Share Buy-Back Programme.
Shareholders and investors are advised to exercise caution when dealing in the securities of Dangote Cement until the completion of Tranche I of the Share Buy-Back Programme. An announcement will be published upon completion of Tranche I of the Programme.
For more information, please contact:
Head, Investor Relations
+234 915 469 1597