Dangote Cement has issued Commercial Papers in Series 10 and 11 as part of its N300 billion Issuance Program.
According to The Punch, stockbroking companies have reported that the N50 billion series commenced on Monday and would end on Tuesday.
In August 2021, Dangote Cement launched a N150 billion commercial paper issuance program through the CP Program Memorandum. On July 13, 2023, it was increased to N300 billion. The FMDQ Securities Exchange Limited now lists the CP.
It was disclosed that Dangote Cement’s short-term finance needs and general corporate objectives will be supported by the net proceeds from each series under the CP program, with repayment coming from the operating cash flows of the issuer.
The largest cement manufacturer in Sub-Saharan Africa, Dangote Cement, operates in ten African nations with a total capacity of 52 million tonnes (of which 35.3 million tonnes are in Nigeria). It runs a completely integrated “quarry-to-customer” company that includes cement production, sales, and distribution.
Dangote Cement made N933.08 billion in the first nine months of this year as opposed to N890.65 billion in the same time in 2022, a 4.76 percent increase.
