Dangote Cement, whose current liabilities exceeds its current assets by 37.7 per cent according to its latest earnings report, plans to use the bond proceeds to boost working capital and refinance debt.
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It secured the consent of its directors’ board to tap the market for medium to long-term bonds under its N300 billion multi-instrument issuance programme, Nigeria’s biggest company by market value disclosed in a regulatory filing on Friday. Even so, Nigeria’s high interest rate environment is souring the market for corporates looking to fund operations by way of borrowing, causing big corporations like Dangote Cement to rethink their appetite for debt.Support journalism driven by facts, created by Nigerians for Nigerians. Our thorough, researched reporting relies on the support of readers like you.
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Dangote Cement’s nine-month profit improves slightlyThe weak growth in after-tax profit came as finance costs more than doubled to N451.2 billion driven by dramatic increases in interest expenses and netforeign exchange loss.
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Dangote Cement: We've invested over $280m in acquiring CNG trucks, infrastructureDangote Cement Plc says it has invested over $280 million in compressed natural gas (CNG) trucks, technology and infrastructure.
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Aliko Dangote: Our refinery has 500m litres of PMS to end scarcity -- but retailers aren't buyingAliko Dangote, the founder of Dangote Group, says the Dangote Petroleum Refinery currently has over 500 million litres of petrol available for sale.
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Stop importing petrol, we have enough for sale, Dangote tells NNPC, other marketersDangote says his refinery has more than 500 million litres of petrol in stock.
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Fuel Scarcity: Retailers ignoring over 500 million litres of fuel from our refineryChairman of Dangote Group, Aliko Dangote has blamed the current fuel scarcity in the country on retailers.
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UPDATED: Dangote tells NNPC, oil marketers to stop importing petrol, says refinery has enoughDangote says his refinery has more than 500 million litres of petrol in stock.
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