Shareholders of Dangote Cement, yesterday, unanimously authorised the management to undertake a share buyback of up to 10% of its issued shares, effective from the date of the resolution.
Dangote Cement had earlier indicated an interest to undergo a share buyback programme of up to 10% of its issued shares for the purpose of improving the company’s return on equity and shareholders’ value, to facilitate its future long-term growth.
The approval through voting, which was given at the company’s Extraordinary General Meeting, held in Lagos, recorded a 100% 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.”
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.
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.
Recall that the Shareholders, at the company’s recent 13th Annual General Meeting (AGM), also commended the management 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, against the N16 paid in the preceding year, a 25% increase in dividend year-on-year. They also applauded the company for its drive in reducing unclaimed dividends.
Dangote Cement in the year under review achieved its highest profit before tax in its history at N538.4 billion. Its Group volumes rose to 29.3Mta, up 13.8%. Exceptional EBITDA was N684.6 billion (+43.2%) owing to strong cost control measures.
Chairman of the company, 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.”
