Shareholders of building materials’ major player, Ashaka Cement, yesterday at its 40th Annual General Meeting held in Abuja, approved the dividend of 45 kobo per ordinary share of 50 kobo, which represents an increase of 7.1 percent over the dividend paid in the previous financial year.
The dividend was in consideration of the company’s plan to invest in a significant expansion of its cement production capacity to about four million metric tons from the current approximately one million metric tons, partly with internally generated funds.
The ground breaking ceremony of the Ashakacem expansion project was laid last year.
Speaking further on the expansion project, the company’s Chairman, Mallam Suleiman Yahyah OON, said: “to benefit from the potential growth in demand for cement and following the establishment of adequate limestone and other relevant mineral reserves, we have embarked on the expansion of our cement production capacity to four million metric tons”
“The expansion in capacity will comprise debottlenecking of the existing line for additional 0.5 million metric tons and installation of a new line of 2.5 million metric tons of cement per annum”.
Source : Independent