DANGOTE CEMENT CONSIDERS ISSUING EURO BONDS

Dangote Cement is considering issuing Euro bonds in other to raise funds for its short term debts.

According to the Chief Financial Officer (CFO), Brian Egan, Dangote cement is considering issuing Euro bonds or a local debt issue in other to raise funds for its debt.

The company is planning to move away from its N389 billion debt of which 70% is on short term facility and from its parent company Dangote Industries Limited.

The company is considering Euro bond because its yield are dwindling and the Naira is still stabilizing, the decision on what step to take would be made towards end of the year.

In a related development, Dangote cement says they are still interested in acquiring their South African rival PPC, and would proffer a deal at the right price. Dangote cement had approached PPC last month, but withdrew because it did not want to get involved in a lengthy process with an unknown and uncertain outcome.

It was also announced that Dangote cement’s Chief Executive Officer of three years, Mr. Onne Van der Weidge will be stepping down at the end of 2017, and would be appointed as as a non Executive Director of Dangote Cement Plc with effect from 1st January 2018.