Dangote cement to sell N300 Billion bonds
March 21, 2018
Dangote cement to sell N300 Billion bonds
Dangote cement PLC reveals it got approval from the Nigeria regulatory bodies to sell N300 billion worth of bonds to the public to enable it fund immediate projects namely expansion and refinancing debts.
According to its chief financial officer Brain Egan, the bond will be issued in tranches of N50 billion when ever interest rate gets favorable, Egan disclosed this during investors summit on Tuesday.
Dangote cement is as well considering to sell Euro bonds to boost funding in the same capacity as soon as interest rate appreciates.
The company has position it self to spend $350 million on capital projects this year. This will extend to building export facilities at Nigeria sea ports, to as well commence the shipment of clinker and cement to other neighbouring African countries.
The company owned by African richest man Alhaji Aliko Dangote said it made a revenue that stands at 31 Percent to N806 billion as net income rose 43 percent to N204 billion. Sales volumes however declined by 7 percent due to the downturn in Nigerian market.
According to Egan, “The company sees high volume this year as Nigeria economy is gradually recovering from recession.”
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