DUBAI’S ICD BUYS $300 MILLION STAKE IN NIGERIA’S DANGOTE CEMENT
Sovereign fund
Investment Corp of Dubai (ICD) has bought a 1.4 percent stake in Dangote
Cement, Nigeria’s biggest company by market capitalisation, for $300 million, a
Dangote spokesman said on Monday. Dangote Cement
spokesman Carl Franklin confirmed the sale, but provided no further details.
Investment Corp of Dubai (ICD) has bought a 1.4 percent stake in Dangote
Cement, Nigeria’s biggest company by market capitalisation, for $300 million, a
Dangote spokesman said on Monday. Dangote Cement
spokesman Carl Franklin confirmed the sale, but provided no further details.
Stockbrokers in
Lagos told Reuters 243 million shares of Dangote Cement were transferred to
ICD, which holds stakes in some of the emirate’s top companies, at 200 naira
each, a 12 percent premium to Dangote Cement’s price of around 223 naira on
Monday.
Lagos told Reuters 243 million shares of Dangote Cement were transferred to
ICD, which holds stakes in some of the emirate’s top companies, at 200 naira
each, a 12 percent premium to Dangote Cement’s price of around 223 naira on
Monday.
“ICD is
diversifying its portfolio … into the West African market through a minority
stake in Dangote Cement. We believe this bodes well for future investments into
Nigeria from the Middle East,” Akinbamidele Akintola, an Africa equity sales
executive at Renaissance Capital, said.
diversifying its portfolio … into the West African market through a minority
stake in Dangote Cement. We believe this bodes well for future investments into
Nigeria from the Middle East,” Akinbamidele Akintola, an Africa equity sales
executive at Renaissance Capital, 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 62 million tonnes capacity by
2017, up from a projected 42 million tonnes this year.
owned by Africa’s richest man Aliko Dangote, is expanding and plans to roll out
cement plants across Africa to reach an annual 62 million tonnes capacity by
2017, up from a projected 42 million tonnes this year.
It reported pretax
profit of 107.1 billion naira ($659.4 million) in the first half, down 0.57
percent from a year ago, on revenues of 208.9 billion naira.
profit of 107.1 billion naira ($659.4 million) in the first half, down 0.57
percent from a year ago, on revenues of 208.9 billion naira.
Shares in Dangote
cement, which make up a third of Nigeria’s stock market and hit a record high
of 250 naira in July, traded flat at 223 naira on Monday, valuing Nigeria’s
biggest company at about 3.97 trillion naira ($24.5 billion).
cement, which make up a third of Nigeria’s stock market and hit a record high
of 250 naira in July, traded flat at 223 naira on Monday, valuing Nigeria’s
biggest company at about 3.97 trillion naira ($24.5 billion).
Dangote Cement
faces competition in Africa from French cement maker Lafarge which is combining
its Nigerian and South African businesses to accelerate growth on the
continent. Last year, Dangote
Industries sold a 1.5 percent of its 95 percent stake in Africa’s biggest
cement producer to South Africa’s Public Investment Corporation (PIC) for
$289.3 million.
faces competition in Africa from French cement maker Lafarge which is combining
its Nigerian and South African businesses to accelerate growth on the
continent. Last year, Dangote
Industries sold a 1.5 percent of its 95 percent stake in Africa’s biggest
cement producer to South Africa’s Public Investment Corporation (PIC) for
$289.3 million.
Middle East
companies are expanding in Africa. Last week, Qatar National Bank (QNB) bought
a 12.5 percent stake in pan-African lender Ecobank for about $200 million.
companies are expanding in Africa. Last week, Qatar National Bank (QNB) bought
a 12.5 percent stake in pan-African lender Ecobank for about $200 million.
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