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Nigeria's Dangote Cement pays $25.6 mln in first buyback tranche

ForexJan 11, 2021 14:00
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© Reuters.

ABUJA, Jan 11 (Reuters) - Dangote Cement DANGCEM.LG bought
40.2 million shares in December at 243.02 naira, the first
tranche of a buyback programme set to return cash to
shareholders, Nigeria's biggest listed firm said on Monday.
The cement firm, majority-owned by Africa's richest man
Aliko Dangote, aims to buyback up to 10% of its 17.04 billion
share capital in tranches, the company has said.
With December's buyback, Dangote Cement has 17.0 billion
shares outstanding. It had said it will buy 82.5 million shares
over two tranches.
Dangote Cement traded flat on Monday at 212 naira, valuing
the cement firm at 3.60 trillion naira ($9.5 billion).
The company said it will monitor market conditions in
deciding on further tranches of the buyback programme. It had
considered an open tender for the buyback.
= 381.00 naira)

Nigeria's Dangote Cement pays $25.6 mln in first buyback tranche
 

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