Dangote Cement Plc has acquired 40.2 million of its shares for N9.77 billion as part of the company’s share buyback programme
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In a statement, the company said it commenced the buyback programme in December 30 and ended December 31 last year during an open market operation in the Nigerian Stock Exchange
The company said it had targeted to buy back 85.203 million shares but ended up buying only 40.2 million on the first tranche.
The company said the buyback programme was aimed at increasing long-term shareholder value and improve its balance sheet efficiency to enhance earnings for shareholders.
Part of the statement reads “Following the conclusion of Tranche I, the total number of residual issued and fully paid outstanding shares of DCP amounts to 17,000,307,404. However, the completion of the share buyback programme of the company does not portend any material impact on the company’s financial position, and the operation of the company as a going concern”