Dangote Cement Plc shares have gained 10% during today’s trading hours as the company announces the commencement of the Tranche I shares buyback program.
Nairametrics earlier reported that Dangote Cement had announced the commencement of the Tranche I shares buyback program.
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The Tranche I share back program entails that up to 168,735,593 fully paid-up ordinary shares of 50 Kobo each, representing 1% of the entire current issued shares will be repurchased.
READ MORE:Bloomberg rates Dangote Africa’s richest man with $15.6bn
Shares of Dangote Cement opened trading at N330.1 per share which is also a 52-week high (meaning this is the highest the stock had been in the past 1 year).
The stock had closed the previous day’s trading session at N300.1 per share.\
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Trading volume is also high as 5,079,979 units valued at N1.67 billion are being traded today as of when this article is written.
This is a developing story…