Dangote Cement’s shareholders approve assets transfer

Dangote Cement’s shareholders approve assets transfer
Published: 27 May 2011

Dangote Cement’s shareholders approved the transfer of the African assets of Dangote Industries Ltd. to the company at their annual general meeting today in the Nigerian capital, Abuja, the maker of the building material said in an e-mailed statement.

The unified company, Dangote Cement, will operate in 13 African countries in addition to Nigeria, running plants and import terminals, according to the statement.

“We believe that this will ultimately boost the company’s profitability and enhance shareholder value,” Chairman Aliko Dangote, was quoted as saying in the statement.

The approval follows the merger of the assets of Dangote Group’s local subsidiaries, Benue Cement Co. and Obajana Cement with Dangote Cement, which listed 15.5 billion shares on the Nigerian Stock Exchange last year, to become the country’s biggest company by market value.