THE board and management of Dangote Cement PLC has concluded plans to buy back some of its issued share capital, subject to shareholders approval.
At an Extraordinary General Meeting (EGM) on January 22nd, 2020, shareholders of the company would deliberate on a long list of company issues, specifically plans by the company to buy back up to 10 per cent of its issued share capital.
This implies that the board pays shareholders the market value per share and re-absorbs that portion of its ownership that was previously distributed among public and private investors.
During the EGM, which will hold at Eko Hotels and Suites in Victoria Island, Lagos, the company’s board will also be seeking approval to pursue all necessary means towards ensuring the actualisation of this plan.