Shareholders of Dangote Cement Plc on Tuesday authorized the company’s board and management 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 of up to 10 percent of its issued shares, for the purpose of improving the company’s return on equity and its shareholders’ value to facilitate the future long-term growth of the company.
The shareholders endorsed the share buyback scheme at the company’s Extraordinary General Meeting (EGM) held in Lagos and described the share buyback scheme as laudable and a win-win situation for investors.
At the meeting, the shareholders also authorized 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.”
Also, the investors also authorized the Board 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.
In view of the positive development, they unanimously approved N20 per share for the year ended December 31, 2021, as against the N16 paid in the preceding year while it also achieved its highest profit before tax in its history at N538.4 billion.
Speaking on the financial results, the company’s Chairman, Alh. Aliko Dangote, said: “Over the last decade, Dangote Cement has recorded exponential growth across all areas. Group volumes are now at almost 30Mta, our capacity has tripled to 51.6Mta and we export cement from five countries across Africa.”
“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability, and grit. These values are what we need to face in unpredictable times in the future.
“Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa while creating sustainable value for our stakeholders”, the industrialist added.
