Dangote Cement Plc, a leading cement manufacturer led by Africa’s richest billionaire Aliko Dangote, has revealed plans to buy back up to 10 percent of its outstanding shares worth N406 billion ($917 million).

The move, which corresponds with the next phase of its expansion ambitions, is one of the resolutions that will be reviewed by the leading cement maker at its Extraordinary General Meeting (EGM) on Tues., Dec. 13, at Zinna Hall, Eko Hotel and Suites in Lagos.

Upon the approval of the resolution at the EGM, the cement manufacturer will buy back 1.704 billion of its shares, representing 10 percent of its 17.04 billion outstanding shares, at the going market price.

Dangote Cement noted that the shares will be repurchased from profits and that the repurchased shares may be kept as treasury shares or canceled, resulting in a fall in share capital.

It also stated that none of its directors, including Dangote, who has an 86-percent stake in the cement company, will be taking part in the share buyback program.

Dangote Cement is Africa’s largest cement producer, with a 51.55-million-tonne-per-year production capacity spread across ten countries. Africa’s richest man Aliko Dangote owns 86 percent of Dangote Cement through his manufacturing group Dangote Industries Limited.

Nearly 10 months ago, the cement behemoth repurchased a total of 126,748,153 shares, or 0.74 percent of its issued and fully paid ordinary shares, at an average price of N276.89 ($0.667) per share.

The company noted that the share buyback decision, which is consistent with its corporate strategy, is a conscious endeavor by the board to improve intrinsic value and an indirect means to increase its return on equity and shareholder value.

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