ABUJA (Reuters) – Dangote Cement bought 126.75 million shares last week at 276.89 naira, the second tranche of a buyback programme set to return cash to shareholders, Nigeria’s biggest listed firm said on Wednesday.
The cement firm, majority-owned by Africa’s richest man Aliko Dangote, aims to buy back up to 10% of its 17.04 billion share capital in tranches, the company has said.
With January’s buyback, Dangote Cement has 16.87 billion shares outstanding. The company paid $25.6 million in December to buy back 40.2 million shares, the first tranche of the programme.
Dangote Cement traded flat on Wednesday at 268 naira, valuing the company at 4.52 trillion naira ($10.9 billion).
The company said repurchased shares will be held as treasury shares and may be subsequently cancelled.
($1 = 414.62 naira)
(Reporting by Chijioke Ohuocha)
