Finance

Shareholders approve Dangote Cement buy-back shares

Shareholders approve Dangote Cement buy-back shares

Shareholders of Dangote Cement on Tuesday unanimously authorised the management of the company to undertake a share buy-back of up to 10 per cent of its issued shares.

The company had stated interest to buy back 10 per cent of its issued shares to improve return on equity and shareholders’ value and facilitate future long-term growth.

The shareholders, who unanimously approved the share buyback through voting at the company’s Extraordinary General Meeting in Lagos, described the exercise as laudable and a win-win situation for them.

Among other resolutions, the shareholders authorised 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.”

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The shareholders also authorised the board to amend the Articles of Association of the company to reflect the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company. It would be recalled that Dangote Cement shareholders at the recent 13th Annual General Meeting (AGM) also commended the management of the company for an impressive performance despite the economic challenges in the year under review. They approved a N20 dividend per share for 2021 against the N16 paid in the preceding year, which represented a 25 per cent increase.

They also applauded the company for its drive in reducing unclaimed dividends of the company.

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Dangote Cement achieved its highest profit before tax of N538.4 billion in 2021. Also, the company recorded group volumes of 29.3Mta, up 13.8 per cent.

Chairman of the company, Aliko Dangote, said that “Over the last decade, Dangote Cement has recorded exponential growth across all areas.”

According to him, the group volumes are at almost 30Mta and capacity has tripled to 51.6Mta.

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He noted, “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.”

Punch

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