SEC okays Dangote Cement’s share buyback programme renewal

Dangote Cement Plc, Africa’s largest cement producer, has announced the approval by the Securities and Exchange Commission of the renewal of its share buyback programme until January 21, 2022.

The company said the programme would be executed under the approval granted by its shareholders at the Annual General Meeting on 26 May 2021, within the framework provided under Rule 398 (3)(xiv) of SEC’s Rules and Regulations and under the approval of the Nigerian Exchange Limited.

“The share buyback will be undertaken through an open market offer or self-tender, at such times and on such terms as the management of the Company may determine, subject to prevailing market conditions,” it said in a statement on Friday.

The company said it would continue to monitor the evolving business environment and market conditions, in making decisions on tranches of the share buyback programme.