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UPDATE 1-Dangote Cement to return cash to shareholders via buyback deal

Published 21/12/2020, 12:56
Updated 21/12/2020, 13:00
© Reuters.

(Adds detail)
By Chijioke Ohuocha
ABUJA, Dec 21 (Reuters) - Dangote Cement DANGCEM.LG will
buy back 85.2 million shares on the Lagos bourse on Dec 30 to
return cash to shareholders and aims to repurchase 10% of its
entire share capital in tranches, Nigeria's biggest listed firm
said on Monday.
Dangote Cement aims to buyback up to 10% of its 17.04
billion issued shares and subsequently cancel those shares, it
said in a regulatory filing.
The cement company did not say how the buyback would be
funded but said the programme will not affect the company's
liquidity.
Dangote Cement, majority-owned by Aliko Dangote, Africa's
richest man, said in March it planned to commence a share
buyback programme this year once it had obtained regulatory
approval. It had considered an open tender for the
buyback. Dangote Cement shares were up 9.98% on Monday to 230.40
naira, valuing the firm at 3.93 trillion naira ($10.3 billion)
The shares, which hit bottom in April, rose to an almost
two-year high on news of the share buyback.
The gains on Monday helped lift the share index .NGSEINDEX
1.82% to a 2-1/2 year high.
($1 = 381.00 naira)

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