Dangote Cement Plc plans share buy-back

Dangote Cement Plc is seeking shareholder approval to commence a share buy-back in an attempt to improve return on equity and shareholder value.

In a notification to the Nigerian Stock Exchange (NSE), the cement company said it would convene an extra-ordinary general meeting (EGM) of shareholders for January 22, 2020, to amend its Articles of Association to enable it undertake a share buy-back of up to 10 per cent of its issued shares.

"The relevant shares will be repurchased out of the profits of the company and any such number of shares bought under the programme is required to be cancelled in accordance with the Securities and Exchange Commission (SEC) rules and the NSE rule book which will consequently lead to a reduction in issued share capital,” the company said.

The buy-back programme will be completed within 12 months from the date of receipt of the approval of shareholders for the programme.

Meanwhile, Dangote Cement Plc has announced the appointment of Michel Puchercos as the new managing director of the company, effective on February 1, 2020.