Dangote Cement Plc (NGSE:DANGCEM) commences share repurchases on July 17, 2023, under the program mandated by the shareholders in the Extraordinary General Meeting held on December 13, 2022. As per the mandate, the company is authorized to repurchase up to 1,687,355,925 shares, representing 10% of its issued share capital. In case the company decides to use Tender Offer method, the repurchased price shall not exceed 5% above the average calculated market price over the 5 days preceding the offer. The program will be funded from the distributable reserves of the company. The purpose of the program is to increase long term shareholder value, manage the capital structure and balance sheet efficiently. The repurchased shares will be cancelled or held in treasury. The program is subject to approval from Federal high Court and SEC along with alteration in Articles of Association. The program is shall continue to be in force until December 12, 2023. As of November 18, 2022, the company had 16,873,559,251 issued and outstanding shares.

On July 7, 2023, the company announced a share repurchase program. Under the tranche 1, the company will repurchase 168,735,593 shares, representing 1% of its issued share capital. The repurchased shares will be held in treasury. The repurchases under tranche 1 will commence on July 17, 2023, and expire on earlier of July 18, 2023, or when the entire tranche size has been purchased.