Dangote Cement seeks N50bn in short term funding

OBINNA EZUGWU

Africa’s leading cement manufacturer, Dangote Cement Plc is issuing Series 17 and 18 Commercial Paper to raise N50 billion under its N150 billion CP Issuance Programme.

The offer opened on Monday and is expected to close on Thursday, September 3, 2020. The series 17 CP has a tenor of 177 days and yield of 4.0 per cent, while the 18 series CP has a tenor of 268 days and a yield of 5.0 per cent.

Dangote Cement is the largest cement manufacturer in Sub-Saharan Africa with an installed capacity of 45.6Mta across its operations in 10 African countries.

The company said the proceeds would be used to fund short-term working capital requirements and for general corporate purposes.