By Peter OBIORA investadvocate

Oct 20 2010 14.41 GMT

Lagos(investadvocate)-Dangote Cement Plc (formerly Obajana Cement Plc) has scheduled Tuesday November 30 2010 as payment date of N2.00 interim dividend to shareholders of the company for the Unaudited results for nine months ended September 30, 2010.

 

This was contained in a notice Wednesday October 20 2010 to Dealing Members of the Nigerian Stock Exchange (NSE) in Lagos Nigeria.

 

The company affirmed that the interim dividend of N 2.00 per 50k share is declared payable to shareholders whose names appear on the register of books as at the close of business on November 16 2010 and closure date November 17 2010.

 

As earlier reported, Dangote Cement billed for listing on Tuesday October 26 2010 on the Floor of the NSE came into being as a result of a merger between former Obajana Cement and Benue Cement Company Plc (BCC); which the Council of the Exchange approved Thursday September 07 2010.

 

Also the court sanction of the merger was obtained by the Company on Friday October 08, 2010. “This meant that BCC as an entity ceased to exist as at that date; hence full suspension on the trading of its shares was placed on Monday October 11, 2010” the notice affirmed.

 

An analysis of the Q3 Unaudited Result of the Cement Company for the period ended September 30 2010 showed that it made a Turnover of N146.5 billion and a profit of N76.93 billion in the review period.

 

The Turnover of N146.5 billion recorded in Q3 of year 2010 compared with N91.3 billion in the same period of 2009 indicating a rise in Turnover of 60.52 percent (60.52%) in the review period.

While Profit After Tax (PAT) increased from N45.138 billion in Q3 of 2009 to N75.299 billion in the same period of year 2010; representing an increase of 66.81%.

 

Profit Before Tax (PBT) also grew from N46.926 billion in Q3 of 2009 to N76.927 billion; showing a growth of 63.93% in the review period.

 

Also as earlier reported, there are plans by the Cement Manufacturing Giant to sell a 20% equity stake through a global share offering in the next 18 months.

 

However, Dangote Cement has been given two years by the Exchange to sell down 20% stake in order to comply with the minimum 25% free float requirement.

 

As published in paid adverts on major Dailies in the Country, the Dangote Industries Limited on the Floor of the NSE come Tuesday October 26 2010  is expected to do a Special Sale of 100 million Ordinary Shares of 50 Kobo each of Dangote Cement Plc at N135.00 per share.