Dangote Cement Plc has officially cancelled 166,948,153 units of its ordinary shares classified as Treasury Shares, effectively reducing its total issued and fully paid-up shares......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
According to NGX Weekly Report seen by THE WHISTLER, the cancellation marks a adjustment in the company’s shareholding structure.
Following this development, the total outstanding shares of Dangote Cement have decreased from 17,040,507,405 to 16,873,559,252 ordinary shares.
This move aligns with the company’s strategic capital management objectives and is expected to have implications for shareholders, including a potential increase in earnings per share (EPS) and enhanced shareholder value.
In response to the share reconstruction, the Nigerian Exchange Limited (NGX) has confirmed that it will update its records to reflect the revised share structure of Dangote Cement.
The cancellation of these treasury shares underscores the company’s commitment to optimizing its capital base and maintaining financial efficiency.
Market analysts note that share cancellations of this nature typically enhance investor confidence by reducing the number of outstanding shares, thereby concentrating value among existing shareholders.
Investors and market participants will be monitoring the impact of this development on the company’s stock performance in the coming trading sessions.