Brands
Dangote Buys Back Dangote Cement
In a move described by market watchers as a quest for improved returns on investment, the shareholders of Dangote Cement have resolved in favour of a scheme of management buy-back of up to 10 percent of the company’s shares.
Biztellers reports that the shareholders unanimously passed a resolution on Tuesday, at the company’s Extraordinary General Meeting, held in Lagos, authorising the Management of the company to undertake a share buyback of up to 10 percent of its issued shares, effective from the date of the resolution.
It was gathered that the company had indicated an interest in undergoing a share buyback programme, in respect of up to 10 percent of its issued shares, for the purpose of improving the company’s return on equity and its shareholders’ value, so as to facilitate the future long-term growth of the company.
Their wish have now become real with shareholders’ approval through voting, which recorded a 100 percent of the shareholders, attending and voting, with many of them describing the exercise as very laudable and a win-win situation for them.
Among other resolutions, the shareholders authorised that the “Memorandum and Articles of Association of the company be amended (as applicable), upon completion of the share buyback, to reflect the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.”
The Board was also authorised to ensure that the amendment of the Articles of Association of the company reflects the company’s share capital, following the cancellation (if any) of the shares acquired and/or otherwise held by the company.
Recall that the Shareholders, at the company’s recent 13th Annual General Meeting (AGM), also commended the Management of the company for an impressive performance despite the economic challenges in the year under review.
In addition, the shareholders, unanimously approved N20 per share for the year ended December 31, 2021, as against the N16 paid in the preceding year, which is a 25 per cent increase in dividend compared to the 2020.
Dangote Cement in the year under review achieved its highest profit before tax in its history at N538.4 billion. Also, the Company recorded Group volumes of 29.3Mta, up 13.8 per cent. Exceptional EBITDA of N684.6 billion was achieved, up by 43.2 percent owing to strong cost control measures.
Chairman, Dangote Cement, Aliko Dangote, said, “Over the last decade, Dangote Cement has recorded exponential growth across all areas.”
According to him, “Group volumes are now at almost 30Mta, our capacity has tripled to 51.6Mta and we export cement from five countries across Africa.”
“As the volatile global environment propels us into a new era of uncertainties, we are fortunate that the last two years have taught us resilience, adaptability, and grit. These values are what we need to face in unpredictable times in the future.
“Dangote Cement remains the leading cement company in Africa, well-positioned for a positive and sustainable future. We are resolute in transforming Africa while creating sustainable value for our stakeholders.
Brands
Family Fun Unleashed: Indomie Love Bowl Premiering This Month
The premiere of the “Indomie Love Bowl,” a family game show sponsored by Indomie in collaboration with Multichoice, is scheduled for October 22, 2023.
The 13-episode series will showcase three families per episode, competing for the coveted title and attractive prizes.
The victorious family in the reality show stands to gain significant rewards, with the first-place winners earning an impressive 5 million Naira.
The second and third-place families will receive 2.5 million Naira and 1.5 million Naira, respectively. Beyond the cash prizes, the winning families will relish a two-year abundance of Indomie products, renowned for their delightful flavor and quality.
Asiwaju Temitope, Head of Corporate Communications for Indomie, emphasized the brand’s deep connection with love and excitement in the food category as the driving force behind the show.
The primary goal of the show is to elevate values such as love within families, particularly emphasizing the special bonds between mothers and children.
The collaboration with Multichoice was a strategic move, leveraging its broad outreach and the widespread accessibility of DSTV in numerous households. This ensures the game show’s broad and impactful reach.
“We created this games show and we chose this with family represented by mums and children. It’s going to involve several families and winners willl emerge based on the programmes. 3 families will emerge as winners with consolatory prizes. We chose Multichoice because it is a big reach and there’s no home where you won’t find DSTV”.
Busola Tejumola, Executive Head of Content and West Africa Channels at Multichoice West Africa, underscored that the “Indomie Love Bowl” revolves around themes of unity, bonding, and the special affection between mothers and children.
Set to debut on October 22, 2023, at 7 pm on the Africa Magic Family channel, the show aims to deliver thrilling moments and dynamic interactions among family members.
Stephanie Coker, the show’s host and On-Air personality, expressed her joy in being involved in the project, particularly as a mother. She eagerly anticipated watching the show with her daughter, celebrating the special bond between mothers and children, the exciting games, and the evident team spirit. Coker also emphasized the chemistry with her co-host, Darasimi, promising an engaging experience for the audience.
Brands
BUA Takes Bold Step: Slashes Price Of Cement
BUA Cement PLC has declared a cut in the price of its cement product to N3,500 per bag, effective from Monday, October 2, 2023.
. The company cites its dedication to fostering growth in the building materials and infrastructural sectors as the reason behind this reduction.
The announcement was made through a statement posted on its X page, previously known as Twitter.
This decision follows the chairman, Abdul Samad Rabiu’s commitment to reviewing the product’s price after a meeting with President Bola Tinubu weeks ago.
The statement read in part, “We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.
“As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward.
“As a result, BUA Cement would now be sold at an ex-factory* price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.
“Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.”
Brands
Again, Dangote Clinches ‘Brand of the Year’ Award
Dangote Industries Limited has received the prestigious Brand of the Year award, acknowledging the company’s outstanding corporate performance in the past year.
At a ceremony held in Lagos, John Ajayi, the Publisher of Marketing Edge, clarified that the award conferred upon Dangote is the flagship recognition, highlighting the company’s consistent contributions to the economic advancement of Nigeria and Africa.
Mr. Ajayi emphasized that this recognition encompasses a broad spectrum of business investments and corporate initiatives carried out by Dangote across the African continent.
He noted “This recognition covers many business investments and corporate interventions carried out by the company in Africa as a continent.”
During the award presentation, he credited Dangote’s exceptional position in its industry to its robust efforts in generating employment opportunities, thereby positively impacting numerous youths.
Additionally, he praised Dangote Industries for its steadfast dedication to the development of vital infrastructure.
He highlighted that the award presentation marked a significant milestone during Marketing Edge’s 20th-anniversary celebration and the 11th edition of its annual Brands and Advertising Excellence Award.
Numerous other brands were also honored for their exceptional achievements in the market.
Mr. Ajayi underscored that Marketing Edge’s two-decade presence in the industry has firmly established it as a trustworthy and authoritative partner for all stakeholders in the Nigerian marketing and advertising landscape.