Nigeria’s Dangote Cement has received shareholder approval to complete a share buyback scheme within 12 months. Under the plans, 1.7bn out of a total of 17.04bn ordinary shares will be repurchased.
Aliko Dangote, Dangote's chairman, has confirmed the scheme will be funded out of the profits of the company. He also noted that a number of shares under the programme are required to be cancelled in accordance with Securities and Exchange Commission and Nigerian Stock Exchange rules. As a result, issued share capital is set to decline.
