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HomeBusiness & EconomyDangote Cement Shareholders Unanimously Approve 10% Share Buyback Programme

Dangote Cement Shareholders Unanimously Approve 10% Share Buyback Programme

In an effort to improve the company’s return on equity and its shareholders’ value, shareholders of Dangote Cement have unanimously authorised the management of the company to undertake a share buyback of up to 10 per cent of its issued shares.

The Dangote management said the initiative which commences from the date of every resolution is aimed at facilitating effective future long-term growth of the company.

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In an extraordinary general meeting of the company held in Lagos on Tuesday, the stakeholders through voting recorded 100 per cent affirmation over the matter, with many of them describing the exercise as very laudable and a win-win situation for them.

The stakeholders also resolved that the “Memorandum and Articles of Association of the company be amended (as applicable), upon completion of the share buyback, to reflect the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.”

Not only that, but they also authorised the company’s board to ensure that the amendment of the Articles of Association of the company reflects the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.

WikkiTimes recalled that the shareholders, at the company’s recent 13th Annual General Meeting (AGM), commended the management of the company for an impressive performance despite the economic challenges in the year under review.

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Impressed by the performance of the company’s management’s drive in reducing unclaimed dividends of the company, the shareholders also approved an upward review of N20 per share for the year ended December 31, 2021, as against the N16 paid in the preceding year, representing a 25 per cent increase in dividend compared to the 2020 dividend of N16.00 per share, reinforcing the company’s commitment to maximising shareholder value.

Speaking during the meeting, Africa’s business mogul and Chairman of the company, Aliko Dangote, said the cement company had over the last decade recorded exponential growth across all areas.

According to him, “the group volumes are now at almost 30Mta, our capacity has tripled to 51.6Mta and we export cement from five countries across Africa.”

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“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability, and grit. These values are what we need to face in unpredictable times in the future.

“Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa while creating sustainable value for our stakeholders,” he added.

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