Investors’ determined response to the announcement of Dangote Cement’s Tranche I shares buyback program has propelled the company’s stock to develop into the best capitalized on Nigeria Trade Neighborhood (NGX), with a market capitalization of N6.15 trillion.
Dangote Cement, the cement giant, witnessed a critical enlarge in its fragment heed, surging by 9.27% all over presently’s procuring and selling session. The stock concluded the day at N360.7 per fragment, contributing to a outstanding market capitalization of N6.15 trillion.
With a market capitalization of N6.15 trillion, Dangote Cement has now outperformed MTN Nigeria, which used to be beforehand the most capitalized stock at N5.66 trillion.
The driver for the stock rally
Experiences beforehand showcased Dangote Cement Plc had formally launched the initiation of the Tranche I shares buyback program.
Below the Tranche I fragment buyback program, Dangote Cement intends to repurchase a full of 168,735,593 fully paid-up customary shares, each valued at 50 Kobo. This quantity represents 1% of the company’s present issued shares.
This draw is predicament to launch on July 17, 2023, and can remaining for a length of two days, concluding on July 18, 2023, or every time your entire tranche size has been efficiently purchased.
What to insist about Dangote cement
Dangote Cement Plc, headquartered in Lagos, is a Nigerian publicly traded multinational cement manufacturer. The corporate is serious about diverse operations, including the manufacturing, preparation, import, packaging, and distribution of cement and connected merchandise interior Nigeria. Furthermore, Dangote Cement has a presence in nine other African international locations, the build it operates vegetation or import terminals.
Dangote Cement holds the build of Africa’s top cement producer, operating in 10 African nations. In the yr 2022, the company done revenues surpassing US$3.5 billion.
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