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Dangote Cement to Sell N300bn Bonds
Dangote Cement Plc wednesday disclosed that it has gotten approvalÂ from the Securities and Exchange Commission (SEC) and other regulatorsÂ to raise N300 billion ($833 million) in local-currency bonds.
The company, which is the most capitalised stock on the Nigerian StockÂ Exchange (NSE) intends to utilise the fund on its expansion as well asÂ to refinance its debt.
Africaâ€™s largest producer of the building material plans issue theÂ debt over three years, Bloomberg quoted its Chief Financial Officer,Â Brian Egan, to have said during an investor conference call onÂ Tuesday.
The bond will be issued in tranches of N50 billion at a time wheneverÂ interest rates are favourable, Egan added.
The company, controlled by Africaâ€™s richest man, Aliko Dangote, isÂ also considering to sell Eurobonds to boost its funding, Egan said.
Dangote is planning to spend $350 million on capital projects thisÂ year, including the building of export facilities at Nigeriaâ€™sÂ seaports, which will see it begin shipments of clinker and cement toÂ neighbouring West African countries.
The company said revenue for the year through December rose 31 perÂ cent to N806 billion while net income rose 43 per cent to N204Â billion. Sales volumes declined by seven per cent owing to a downturnÂ in Nigeria, its biggest market, it said.
The company sees â€œhigher volumesâ€ this year as Nigeriaâ€™s economyÂ recovers, its acting Chief Executive Officer Joe Makoju said.