128.7 million shares of Dangote Cement Sold to Dubai Investors

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Dangote Industries Limited (DIL) has sold an additional stake in Dangote Cement to investors based in Dubai. 128.7 million shares were sold at a price of N210 per share with an estimated value of N27 billion.

DIL is the investment vehicle through which Aliko Dangote maintains a controlling stake in Dangote Cement and other companies within the Dangote Group.

DIL, had in August 2017 sold 416 million shares to foreign investors in a deal valued at N88.1 billion. DIL had in 2013 sold a 1.5 percent stake in Dangote Cement to South Africa’s Public Investment Corporation (PIC) for $289.3 million and a 1.4 percent stake in Sovereign Fund Investment Corporation of Dubai in 2014 for $300 million.

Dangote Cement shares closed at N238 in yesterday’s trading session on the Nigerian Stock Exchange (NSE) up 3.93 percent. Year to date the shares, are up 36.7 percent.

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