Caption: Acting Company Secretary, Dangote Cement Plc, Edward Imoedemhe; Independent Non-Executive Director, Ernest Ebi; Non-Executive Director, Abdu Dantata; Non-Executive Director, Halima Aliko-Dangote; the company’s Chairman, Aliko Dangote; Group Managing Director, Michel Puchercos; Non-Executive Director, Olakunle Alake; Non-Executive Director, Dorothy Ufot; and Deputy Group Managing Director, Philip Mathew, at the Extraordinary General Meeting in Lagos on December 13, 2022.
Shareholders of Dangote Cement, at an extraordinary meeting in Lagos on Tuesday, unanimously approved the proposal by the board to undertake the buyback of up to 10% of its total issued shares, effective from the date of the resolution.
The share buyback programme is aimed at improving the company’s return on equity and shareholders’ value, so as to facilitate the future long-term growth of the company.
A statement said the company received a 100% approval at the meeting, with many of the shareholders describing the exercise as very laudable and a win-win for them.
Among other resolutions, the shareholders authorised that the “Memorandum and Articles of Association of the company be amended (as applicable), upon completion of the share buyback, to reflect the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.”
The board was also authorised to ensure that the amendment of the Articles of Association of the company reflects the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.
Recall that the shareholders, at the company’s recent 13th Annual General Meeting (AGM), also commended the Management of the company for an impressive performance despite the economic challenges in the year under review.
Unanimously, they approved N20 per share for the year ended December 31, 2021, as against the N16 paid in the preceding year. That represented a 25 per cent increase in dividend compared to the 2020 dividend of N16.00 per share, reinforcing the Company’s commitment to maximising shareholder value. They also applauded the company for its drive in reducing unclaimed dividends of the company.
Dangote Cement in the year under review achieved its highest profit before tax in its history at N538.4bn, in addition to a group volume of 29.3Mta, up 13.8%, just as exceptional EBITDA of N684.6bn, up by 43.2% owing to strong cost control measures.
According to the company’s chairman, Aliko Dangote, “Over the last decade, Dangote Cement has recorded exponential growth across all areas.
“Group volumes are now at almost 30Mta, our capacity has tripled to 51.6Mta and we export cement from five countries across Africa.
“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability, and grit. These values are what we need to face in unpredictable times in the future.
“Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa while creating sustainable value for our stakeholders,” Dangote added.