According to reports from stockbroking firms, the series, with a value of up to N50 billion, was officially opened on Monday and is slated to close on Tuesday.
The Commercial Paper Programme Memorandum, established by Dangote Cement in August 2021, initially stood at N150 billion but was subsequently increased to N300 billion on July 13, 2023. These Commercial Papers are now listed on the FMDQ Securities Exchange Limited.
It has been disclosed that the net proceeds from each series under the Commercial Paper programme will be earmarked to "support Dangote Cement’s short-term financing requirements and general corporate purposes," with repayment sourced from the issuer's operating cash flows.
Dangote Cement, a prominent cement producer in Sub-Saharan Africa, boasts a combined capacity of 52 million metric tonnes annually, of which 35.3 million metric tonnes are produced in Nigeria. The company operates a fully integrated business model, covering every aspect from quarrying to customer delivery, encompassing manufacturing, sales, and cement distribution.
For the first nine months of this year, Dangote Cement reported earnings of N933.08 billion, marking a 4.76 percent increase compared to N890.65 billion during the same period in 2022.