Dangote Cement Plc has initiated the issuance of its series 13 and 14 Commercial Paper (CP), aiming to raise up to N100 billion as part of its N300 billion Commercial Paper issuance programme. The CPs issuance period is set to conclude on Tuesday, April 16, 2024.
Dangote Cement stands as Sub-Saharan Africa’s premier cement producer, boasting a combined capacity of 52 million metric tonnes per annum (Mta), with 35.3Mta capacity in Nigeria alone. Operating across 10 African countries, the company operates a fully integrated business model spanning from quarrying to customer delivery, encompassing the manufacturing, sales, and distribution of cement.
Notably, Dangote Cement’s strategic investments have played a pivotal role in eliminating Nigeria’s reliance on imported cement, effectively transforming the nation into a net exporter of cement, thereby serving the needs of neighbouring countries.
Established on August 12, 2021, Dangote Cement Plc set up a N150 billion commercial paper issuance programme, subsequently expanding it to N300 billion on July 13, 2023. This expansion underscores the company’s commitment to leveraging the capital markets for funding its strategic initiatives, solidifying its position as a key player in the cement industry across Africa. Under this programme, Dangote Cement has the flexibility to issue commercial paper notes (CPs) as needed to support its operations and growth objectives.
Source: BusinessDay