Dangote Cement has concluded plans to buy back 10 per cent of its shares in the new year in order to cut down its share capital.
This would be the major thrust of its Extraordinary General Meeting bid for January 22, 2020 in Lagos; the company revealed in a release it sent to the Nigerian Stock Exchange (NSE) on Friday.
During the Extraordinary General Meeting Dangote Cement was be seeking the nods of its shareholders to go on with the share buy back.
“That unless otherwise required under the applicable law or directed by the appropriate regulatory authority, the may cancel such number of issued shares repurchased, or otherwise acquired under the Proposed Transaction as confirmed by the company’s registrar and diminish the amounts of its share capital by the amount of the shares so cancelled, I accordance with all applicable laws and regulations,” the company explained in the release signed by Edward Imoedemhe, Deputy Company Secretary.
Dangote Cement currently has 17, 040,507, 405 ordinary shares and 10 per cent of the shares which it plans to buy back amounts to 1,704,050, 741 shares.