Dangote Cement Plc, on Tuesday, announced the resolutions of the 11th Annual general Meeting of the company which was attended by proxy due to Covid-19 pandemic.
The announcement was contained in a statement signed by Edward Imoedenhe, the Deputy Company Secretary of Dangote Cement Plc.
At the AGM held on 15 June 2020 at Eko Hotel and Suites Vistoria Island Lagos, the company’s audited financial statements for the period ended 31 December 2019 and the reports of the directors among others were accepted. The annual report is available for download at http://www.dangotecement.com
N16 dividend per 50kobo ordinary share was declared with qualification was 25 May 2020 and payment date of was on 16 June via electronic payment.
The share price on the qualification date was N150.00 per share. The dividend yield will be 10.6%. However, there is buy charge which varies for different stockbrokers and 10% withholding tax on dividend. Thus the actual dividend yield will be around 8%
The share price as at the payment date was N139.00 per share. 52 week high/low price is N185.00/N116.80 per share.
The re-election of five directors were approved, namely; Viswanathan Shankar, Michael Davis, Cherie Blair, Douraid Zaghouani and Sani Dangote. The appointment of Michel Pychercos and Arvind Pathak as directors were also approved at the AGM.
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KPMG Professional Services was appointed as the company’s auditor following the retirement of the joint auditors, Deloitte and Touche, and Ahmed Zakari and Co.
Also at the meeting, N5 million was approved as the remuneration of the Chairman for the year ending 31 December 2020. Whereas, N4 million was approved for the Non-Executive Directors.