Dangote Cement gets approval to access N300bn debt funding

Dangote Cement Plc on Wednesday said it has obtained approval from its Board of Directors to access the Capital Markets for its N300billion medium to long-term debt funding.

The cement manufacturing company in a statement on the Nigerian Exchange Limited (NGX) said it had submitted an application to the Securities and Exchange Commission in respect of the bonds, and relevant approvals have now been received.

The Deputy Company Secretary, Dangote Cement, Edward Imoedemhe in a statement said: “The bonds will be issued imminently, subject to favourable market conditions.

“The Company’s management has disclosed that the proceeds of the bonds will be applied towards funding expansion projects, refinance existing short-term debt and for general corporate purposes.”