The Dangote Cement Plc. board of directors has approved access to the Capital Market for support and maximizing available sources of its debt funding.
The Company has submitted an application to the Securities and Exchange Commission (SEC) for the registration of a bond issuance programme.
- Dangote Refinery to commence operation in 2022
- AFDB To Provide Dangote Industries $300mn Corporate Loan
Dangote Cement Plc. is the largest listed entity by market capitalization on the Nigerian Stock Exchange. It is also Sub-Saharan Africa’s leading cement producer, with a combined installed capacity of 48.6Mta across its operations in 10 African countries.
Its most recent published audited financial statement for the financial year 2020, declared a record high revenue of N1.03 trillion.
Consequently, the company incurred an income tax of N97 billion for the financial year ended in December 2020. This makes it the highest income tax reported since it listed on the Nigerian Stock Exchange, NSE.
- How Rich is Aliko Dangote?
- African Development Bank arm, ALSF, to receive €6 million grant from the Netherlands
The company intends to explore its medium to long-term debt financing options through the debt capital market.
It will channel the proposed funding into the capital expenditure of the Company’s expansion projects. More so, it will follow up on its short term debt refinancing, and working capital requirements plans with the fund.
Edward Imoedemhe, Deputy Secretary of the company signed the announcment.