According to reports, Aliko Dangote must reduce his majority stake in Dangote Cement PLC by October 2014 in accordance with the listing regulations at the Nigerian Stock Exchange (NSE). The reduction will enable Dangote Cement to comply with the free float rule, wherein a minimum 20% free float is required. This refers to the number of shares held by ordinary shareholders other than those held by parent, subsidiary or associate companies, directors or their family members, or any individual or institution holding more than a 5% stake. Dangote Cement’s free float stake is significantly below the minimum at less than 5%.
A plan is in place to achieve compliance with a deadline of October 2014. The company is required to provide quarterly progress reports to the NSE.
Meanwhile, Dangote Cement and Sugar has been included on the list of the top 50 Nigerian brands, an annual selection and analysis of the 50 most popular companies in Nigeria. The brands are judged on criteria such as visibility, clarity of vision, market acceptability, values, customer service and contribution to national development.
Edited from various sources by Katherine Guenioui
Read the article online at: https://www.worldcement.com/africa-middle-east/02012014/dangote_cement_must_increase_free_float_stake_by_october_2014_545/
