Dangote Cement announces N150bn commercial papers issuance on FMDQ
Adesola Afolabi was a businessamlive reporter and Head of Financial desk.
Dangote Cement Plc is to raise N150 billion by issuing commercial papers to be listed on Nigeria’s FMDQ.
The African cement giant in an investors notification to the Nigerian Stock Exchange (NSE) on Wednesday noted that the capital raising plan will either be as a stand-alone transaction or by way of a programme to be executed in tranches, series or proportions.
On the use of the capital raised, Joseph Makoju, a director at Dangote Cement who signed the statement, noted that the proceeds will be deployed towards capital expenditure, working capital and general corporate purposes.
Dangote cement is Africa’s largest cement producer with nearly 46Mta capacity across Africa.
Through the company’s recent investments, it has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries.