Dangote Cement Plc has obtained approval from its Board of Directors to access the Capital Market for medium to long-term debt funding. The company contemplates second issuance of bonds under its N300 billion debt issuance programme.
According to the deputy company secretary, Edward Imoedemhe, the Company had submitted an application to the Securities and Exchange Commission in respect of the bonds, and relevant approvals have now been received. The bonds will be issued imminently, subject to favorable market conditions.
The Company’s management has disclosed that the proceeds of the bonds will be applied towards funding expansion projects, refinance existing short-term debt and for general corporate purposes.
Recently, the company notified the Nigerian Exchange of its board decision and closed period for the stock on the exchange till 24 hours after the announcement of the board resolutions are made public.
According to the notice signed by Imoedemhe, a meeting of the Board of Directors of Dangote Cement Plc) will be held on April 28, 2022, to discuss various matters, amongst which includes the
the Unaudited Accounts for the Quarter ending March 31, 2022, reduction and cancellation of unissued shares in compliance with the requirements of Section 124 of the Companies and Allied Matters Act (CAMA) 2020 and Regulation 13 of the Companies Regulations 2021, also, amendment of the Company’s Memorandum and Article of Association (MEMART) to reflect the reduction in Share Capital and cancellation of unissued Shares.
In view of the above, Dangote Cement Plc., shall enter a Closed Trading Period from April 1, 2022, until twenty-four hours after the relevant resolutions passed at the Board meeting are released to the public.
The Closed Trading Period applies to all parties that may, at any time, possess sensitive information that may materially affect the price of the securities of the Company. Accordingly, he said no Insider may deal in the Company’s securities during the Closed Trading Period.
The company also recommended a final dividend of N20 per share for the approval of the shareholders at the next Annual General Meeting. The Audited Financial Statements and the Corporate Actions Notification have been submitted to the NGX via its Issuers’ Portal.
