Dangote Cement Shareholders Unanimously approve a 10% share Buy-back Programme
Shareholders of Dangote Cement, unanimously on Tuesday authorised the Management of the company to undertake a share buyback of up to 10 percent of its issued shares, effective from the date of the resolution.
The company had earlier indicated an interest in undergoing a share buyback programme, in respect of up to 10 percent of its issued shares, to improve the company’s return on equity and its shareholders’ value, and to facilitate the future long-term growth of the company.
The approval through voting, which was given at the company’s Extraordinary General Meeting, held in Lagos recorded 100 percent approval from the shareholders, with many of them describing the exercise as very laudable and a win-win situation for them.
Among other resolutions, the shareholders authorised that the “Memorandum and Articles of Association of the company be amended (as applicable), upon completion of the share buyback, to reflect the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.”
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The Board was also authorised to ensure that the amendment of the Articles of Association of the company reflects the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.
It would be recalled that the Shareholders, at the company’s recent 13th Annual General Meeting (AGM), also commended the Management of the company for an impressive performance despite the economic challenges in the year under review.
Unanimously, they approved N20 per share for the year ended December 31, 2021, as against the N16 paid in the preceding year.
Dangote Cement in the year under review achieved its highest profit before tax in its history at N538.4 billion.
Chairman of the company, Aliko Dangote, said that “Over the last decade, Dangote Cement has recorded exponential growth across all areas.”
