Dangote Cement Plc has secured the approval of the company’s Board of Directors to raise N300bn from bond for its proposed short-term debt re-financing and expansion projects.
The company disclosed this on Thursday in a statement entitled ‘Dangote Cement Plc Contemplates Debt Funding Options under Planned NGN300bn Bond Issuance Programme’.
The statement, signed by the Deputy Company Secretary, Edward Imoedemhe, added, “When raised, the proposed funding will be used for capital expenditure of the company’s expansion projects, short term debt re-financing, and working capital requirements.
“Dangote Cement Plc has obtained approval from its Board of Directors to access the capital market to support business growth and maximise available sources of its debt funding.”
Dangote Cement, Nigeria’s largest listed entity by market capitalisation on the Nigerian Stock Exchange, further disclosed that it had submitted application to the Securities and Exchange Commission for the registration of the 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 favourable market conditions,” the company added.
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