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Traders’ optimistic response to the announcement of Dangote Cement’s Tranche I shares buyback program has propelled the corporate’s inventory to develop into the very best capitalized on Nigeria Change Group (NGX), with a market capitalization of N6.15 trillion.
Dangote Cement, the cement big, witnessed a big improve in its share worth, surging by 9.27% throughout as we speak’s buying and selling session. The inventory concluded the day at N360.7 per share, contributing to a exceptional market capitalization of N6.15 trillion.
With a market capitalization of N6.15 trillion, Dangote Cement has now outperformed MTN Nigeria, which was beforehand probably the most capitalized inventory at N5.66 trillion.
The driving power for the inventory rally
Stories beforehand showcased Dangote Cement Plc had formally introduced the initiation of the Tranche I shares buyback program.
Below the Tranche I share buyback program, Dangote Cement intends to repurchase a complete of 168,735,593 absolutely paid-up abnormal shares, every valued at 50 Kobo. This amount represents 1% of the corporate’s present issued shares.
This system is ready to start on July 17, 2023, and can final for a period of two days, concluding on July 18, 2023, or at any time when all the tranche measurement has been efficiently bought.
What to notice about Dangote cement
Dangote Cement Plc, headquartered in Lagos, is a Nigerian publicly traded multinational cement producer. The corporate is concerned in varied operations, together with the manufacturing, preparation, import, packaging, and distribution of cement and associated merchandise inside Nigeria. Moreover, Dangote Cement has a presence in 9 different African international locations, the place it operates vegetation or import terminals.
Dangote Cement holds the place of Africa’s prime cement producer, working in 10 African nations. Within the 12 months 2022, the corporate achieved revenues surpassing US$3.5 billion.
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