Shareholders of Dangote Cement unanimously authorised the management of the company to undertake a share buy-back of up to 10 per cent of its issued shares.
The company had stated interest to buy back 10 per cent of its issued shares to improve return on equity and shareholders’ value and facilitate future long-term growth.
The shareholders, who unanimously approved the share buyback through voting at the company’s Extraordinary General Meeting in Lagos, described the exercise as laudable and a win-win situation for them.
The shareholders also authorised the board to amend the Articles of Association of the company to reflect the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.