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LequteMan
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Nigeria's Dangote cement has sold a #300m stake in the company to an investment corporation from Dubai, reports say. The corporation bought a 1.4% stake in the cement company in order to diversify it's portfolio and secure investments for future.
Excerpt from National Mirror:
Sovereign Fund Investment Corporation of Dubai, ICD, has bought a 1.4 per cent stake in Dangote Cement Plc., Nigeria’s biggest company, by market capitalisation for $300m, a Dangote spokesman said yesterday. The spokesman, Carl Franklin, confirmed the sale but provided no further details.
Stockbrokers in Lagos told Reuters that 243m shares of Dangote Cement were transferred to ICD, which holds stakes in some of the emirate’s top companies, at N200, a 12 per cent premium to Dangote Cement’s price of around N223 yesterday.
“ICD is diversifying its portfolio in the West African market through a minority stake in Dangote Cement. We believe this holds well for future investments into Nigeria from the Middle East,” an Africa equity sales executive at Renaissance Capital, Akinbamidele Akintola, said. Dangote Cement, owned by Africa’s richest man, Aliko Dangote, is expanding and plans to roll out cement plants across Africa to reach an annual 62m capacity by 2017, up from a projected 42m tonnes this year.
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#Dubai #Nigeria #Dangote #National Mirror #Reuters
Excerpt from National Mirror:
Sovereign Fund Investment Corporation of Dubai, ICD, has bought a 1.4 per cent stake in Dangote Cement Plc., Nigeria’s biggest company, by market capitalisation for $300m, a Dangote spokesman said yesterday. The spokesman, Carl Franklin, confirmed the sale but provided no further details.
Stockbrokers in Lagos told Reuters that 243m shares of Dangote Cement were transferred to ICD, which holds stakes in some of the emirate’s top companies, at N200, a 12 per cent premium to Dangote Cement’s price of around N223 yesterday.
“ICD is diversifying its portfolio in the West African market through a minority stake in Dangote Cement. We believe this holds well for future investments into Nigeria from the Middle East,” an Africa equity sales executive at Renaissance Capital, Akinbamidele Akintola, said. Dangote Cement, owned by Africa’s richest man, Aliko Dangote, is expanding and plans to roll out cement plants across Africa to reach an annual 62m capacity by 2017, up from a projected 42m tonnes this year.
click here to read more
#Dubai #Nigeria #Dangote #National Mirror #Reuters