Dangote Cement Plc said it has obtained approval from its board of Directors to access the Capital Market for N300 billion bond issuance programme to support business growth and maximize available sources of its debt funding.
Dangote Cement Plc. is Nigeria’s largest listed entity by market capitalization on the Nigerian Stock Exchange, as well as Sub-Saharan Africa’s leading cement producer, with a combined installed capacity of 48.6Mta across its operations in 10 African countries.
In a notification at the Nigerian Stock Exchange on Thursday, the company said it had submitted an application to the Securities and Exchange Commission (SEC) for the registration of a bond issuance programme.
“Subsequent to obtaining regulatory approvals, the Company intends to explore its medium to long-term debt funding options through the debt capital market, subject to favorable market conditions,” the notification said.
“When raised, the proposed funding will be used for capital expenditure of the Company’s expansion projects, short term debt refinancing, and working capital requirements.”