Investors’ positive response to the announcement of Dangote Cement’s Tranche I shares buyback program has propelled the company’s stock to become the highest capitalized on Nigeria Exchange Group (NGX), with a market capitalization of N6.15 trillion.
Dangote Cement, the cement giant, witnessed a significant increase in its share price, surging by 9.27% during today’s trading session. The stock concluded the day at N360.7 per share, contributing to a remarkable market capitalization of N6.15 trillion.
With a market capitalization of N6.15 trillion, Dangote Cement has now outperformed MTN Nigeria, which was previously the most capitalized stock at N5.66 trillion.
The driving force for the stock rally
Reports previously showcased Dangote Cement Plc had officially announced the initiation of the Tranche I shares buyback program.
Under the Tranche I share buyback program, Dangote Cement intends to repurchase a total of 168,735,593 fully paid-up ordinary shares, each valued at 50 Kobo. This quantity represents 1% of the company’s current issued shares.
The program is set to commence on July 17, 2023, and will last for a duration of two days, concluding on July 18, 2023, or whenever the entire tranche size has been successfully purchased.
What to note about Dangote cement
Dangote Cement Plc, headquartered in Lagos, is a Nigerian publicly traded multinational cement manufacturer. The company is involved in various operations, including the manufacturing, preparation, import, packaging, and distribution of cement and related products within Nigeria. Additionally, Dangote Cement has a presence in nine other African countries, where it operates plants or import terminals.
Dangote Cement holds the position of Africa’s top cement producer, operating in 10 African nations. In the year 2022, the company achieved revenues surpassing US$3.5 billion.
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