By Peter Egwuatu
Shareholders of Dangote Cement Plc, have unanimously endorsed the proposed offer by its Board of Directors to buy back 10% of its issued shares in order to make the Company more attractive in the near term and position it for long term growth.
The leaders of the various shareholders associations at the Extra Ordinary General Meeting, EGM, of the cement giant yesterday, commended the Board for the share buy-back initiative but they demanded for bonus shares given the N2 trillion mark reserves the company recorded in the 2021 financial the year.
Briefing shareholders at the meeting, the Chairman of Dangote Cement, Alhaji Aliko Danote, said: “The ability to repurchase issued shares in suitable circumstances is an important part of the Company’s financial management tool, and is in the Company’s and its shareholders’ best interest in the long term. It would also boost the share earnings and provide cash to the shareholders”.
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