Dangote Cement has offered series 10 and 11 of its Commercial Papers under its N300bn Issuance Programme.
According to updates from stockbroking firms, the series which was up to N50bn was opened on Monday and is set to close on Tuesday.
In the CP Programme Memorandum, Dangote Cement on August 2021, established a N150bn commercial paper issuance programme. It was increased to N300bn on July 13, 2023. The CP has been listed on the FMDQ Securities Exchange Limited.
It was revealed that the net proceeds from each series under the CP programme will be used to “support Dangote Cement’s short-term financing requirements and general corporate purposes,” while repayment will be funded from the operating cash flows of the issuer.
Dangote Cement, a Sub-Saharan Africa’s leading cement producer, has a combined capacity of 52Mta (35.3Mta in Nigeria) across its operations in 10 African countries. It operates a fully integrated “quarry-to-customer” business with activities covering manufacturing, sales and distribution of cement.
In the first nine months of this year, Dangote Cement earned N933.08bn compared to N890.65bn in the same period in 2022, representing a 4.76 per cent appreciation.