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HomeTop NewsDangote Cement to raise N150 bln new Commercial Paper

Dangote Cement to raise N150 bln new Commercial Paper

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By Samuel Bankole

Dangote Cement Plc, majorly owned by wealthiest blackman, Aliko Dangote plans to raise up to N150 billion debt through Commercial paper, according to a regulatory filing by the firm.

The Africa’s largest cement producer said the new Commercial Paper Programme would allows it to broaden its funding sources and, “combined with our N300 billion multi-instrument issuance Bond programme, increases our access to capital market funding.”

The cement firm said the CP will be used for working capital and general corporate purposes.

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Its Chief Executive Officer, Michel Puchercos 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.

“We look forward to the same warm reception as we engage with fixed income investors under this new programme.”

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