New Telegraph

Dangote establishes N150bn CP Programme

Dangote Cement Plc has announced establishment of a new N150 billion Commercial Paper Programme (CP).

 

The programme, according to the company, allows the firm to broaden its funding sources and, combined with its N300 billion multi-instrument issuance bond programme, increase its access to capital market funding.

 

The statement signed by Edward Imoedemhe, Deputy Company Secretary and sent to NGX, noted that the Commercial Paper would be used for working capital and general corporate purposes.

 

Commenting on the bond issuance, Michel Puchercos, Chief Executive Officer of Dangote Cement Plc, said: “The establishment of a new N150 billion Commercial Paper confirms Dangote Cement Plc’s ambition  to maintain its long and successful track record of accessing the Nigerian debt capital market.

 

“Dangote Cement has issued an aggregate of N450 billion in Commercial Papers since 2018. I want to thank our stakeholders and investors who contributed to the success of all the previous issuances of the commercial paper programme.”

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