Dangote Cement Plc has announced the completion of the first tranche of its share buyback programme.
The company said the total value of shares repurchased was N9.77bn.
The Deputy Company Secretary, Edward Imoedemhe, said the commencement date was December 30, 2020 while completion date was December 31, 2020, in a statement on Monday.
He said the total number of shares repurchased was 40.20 million at an average price of N243 per share, representing 0.24 per cent of the company’s issued and fully paid ordinary shares.
Damgote explained that following the conclusion of Tranche I, the total number of residual issued and fully paid outstanding shares of DCP amounted to 17,000,307,404.
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“Execution of this Tranche I did not have any material impact on the company’s financial position. The company will continue to monitor the evolving business environment and market conditions, in making decisions on further tranches of the share buy-back programme,” it said.
The company’s shareholders recently voted in support of the share buyback plans.
