Nigeria’s Dangote Cement is planning to begin a share buyback programme, starting with a first tranche of 85.2m shares or 0.5 per cent of the total in issue. The purchase is set to take place on 30 December.
It is Nigeria’s first company to undertake a share buyback, as previous attempts failed due to fears that the process may be abused. The repurchase plans are not expected to exceed 10 per cent of its issued capital.
The shares being purchased will be held as treasury shares and could be cancelled subsequently, according to the company.
