Dangote Cement Plc has, through its Board of Directors, announced a campaign to raise debt valued at N300 billion under its Shelf Registration Programme, the first phase of its Series 1 bonds.
The medium-term bond offering by sub-Saharan Africa’s largest cement maker will be set in motion once the proposal scales regulatory hurdle and the firm’s hierarchy finds market dynamics favourable to its plans.
With presence in 10 African nations accounting for an installed capacity of 45.6 million tonnes per annum, Dangote Cement would commit the outlay from the offer to refinancing existing short term borrowing already invested in cement expansion projects, general corporate purposes and working capital, its statement to the Nigerian Stock Exchange (NSE) Monday said.
The book building process will commence after the endorsement of the Securities and Exchange Commission (SEC).
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