Dangote Cement has successfully concluded the first tranche of its share buyback program, which was initially disclosed in early July.
According to a corporate notice submitted to the Nigerian Exchange Limited on Thursday, the first tranche of the buyback program began on Monday and concluded on Tuesday.
During this phase, Dangote Cement repurchased a total of 121,404,714 shares, equivalent to 0.71 percent of the company’s fully issued and paid ordinary shares.
The total value of the repurchased shares amounted to N41.155 billion, with an average price of N339 per share, purchased through open market transactions on the NGX.
Following the conclusion of tranche I, the total number of issued and fully paid outstanding shares of Dangote Cement amounts to 16,752,154,537.
The company said, “The repurchased shares will be held as treasury shares and may subsequently be cancelled.”
In its 2022 financial year report, the company generated revenues of N1.62tn for the year ended (FY 2021: N1.38tn) and a net profit of N382.31bn (FY 2021: N364.44bn).
Dangote Cement operates in over 10 African countries.
