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Nairaland Forum / Nairaland / General / Business / Dubai Company Buys N48bn Stake In Dangote Cement (20886 Views)
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Dubai Company Buys N48bn Stake In Dangote Cement by Barselonia(m): 7:30am On Sep 09, 2014 |
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. Stockbrokers in Lagos told Reuters 243 million shares of Dangote Cement were transferred to ICD, which held stakes in some of the emirate’s top companies, at N200 naira each, a 12 percent premium to Dangote Cement’s price of around N223 naira yesterday. Commenting on the transaction, chairman of Dangote Cement and Africa’s richest man Aliko Dangote said: “We are pleased to welcome such a prestigious investor - Investment Corporation of Dubai to our growing list of international, blue-chip shareholders. They share our vision of Africa that will grow to become an economic powerhouse in the coming decades as its people rise to become prosperous members of the global economy.” “Our products may be simple bags of cement but millions of Africans will use them to build a continent that is rich in opportunities for entrepreneurs and investors, like ICD, who support them,” Dangote added. “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,” AkinbamideleAkintola, an Africa equity sales executive at Renaissance Capital, said. Dangote Cement is expanding with plans made 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. Shares in Dangote Cement, which made 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 faced 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. It is instructive to note that Middle East companies are expanding in Africa as last week, Qatar National Bank (QNB), bought a 12.5 percent stake in pan-African lender Ecobank for about $200 million. (Reuters) http://www.dailytrust.com.ng/daily/business/33852-dubai-buys-n48bn-stake-in-dangote-cement 6 Likes 3 Shares |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by MyIncorp: 7:32am On Sep 09, 2014 |
First came the Chinese, then the Turks and then the Indians. More and more foreign investors are recognising the potential in Africa's emerging economy. STOP PRESS! Click Here to Register a Company in Nigeria 14 Likes |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by MyIncorp: 7:34am On Sep 09, 2014 |
Foreign investment will continue to be on the rise in Africa as it has bEen over the past few years; though rather more modestly than any other continent. |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by eemalex(m): 10:11am On Sep 09, 2014 |
Money Stinks |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by Babyboy1986(m): 10:12am On Sep 09, 2014 |
Ok ooO dem try. |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by Nobody: 10:12am On Sep 09, 2014 |
let the investment keep coming in gradually |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by Nobody: 10:13am On Sep 09, 2014 |
Good one. |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by Iykebestbt(m): 10:13am On Sep 09, 2014 |
God punish poverty... 22 Likes 1 Share |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by BlackPeni5: 10:13am On Sep 09, 2014 |
Soon, I'll buy the remaining stake in that company 17 Likes 2 Shares |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by Ina2k(m): 10:14am On Sep 09, 2014 |
NIGERIA progressing.... haters downgrading. 1 Like 1 Share |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by apolonius(m): 10:14am On Sep 09, 2014 |
Good for the Naija economy! 1 Like |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by awesomeboi(m): 10:14am On Sep 09, 2014 |
nice ono |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by gift01: 10:15am On Sep 09, 2014 |
Money talks 3 Likes 1 Share |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by ignis: 10:15am On Sep 09, 2014 |
Great, So many countries now recognising Nigeria economy as a potential giant in market. |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by bokohaman: 10:15am On Sep 09, 2014 |
D rich keeps gettin richer... 3 Likes |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by plainmirror(m): 10:16am On Sep 09, 2014 |
Must dangote and his group make public this token investment that my conglomerate undertook in Africa ? There is a reason why the word 'confidential' exist. 8 Likes |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by lilprinze: 10:16am On Sep 09, 2014 |
Nice development we are getting there gradually, God bless Nigeria. |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by Chinom(m): 10:18am On Sep 09, 2014 |
Ok, more money is pouring in now. Can we then buy a bag of cement for N1000. Nigerian consumers are the real 'mugu' to all these foreign investors. The shove all their products down our throat at exhorbitant prices. Heineken reaps it's highest profit from the Nigerian market. 2 Likes |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by eddyj36(m): 10:19am On Sep 09, 2014 |
Good for Dangote.. mean while am wait for my own investors
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Re: Dubai Company Buys N48bn Stake In Dangote Cement by Nobody: 10:21am On Sep 09, 2014 |
everybody b buying shares but no table #GODUNDERSTANDS 2 Likes |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by igbsam(m): 10:22am On Sep 09, 2014 |
Please Ban that idiot above |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by Nobody: 10:23am On Sep 09, 2014 |
The economy is improving. |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by 9jahubcom(m): 10:23am On Sep 09, 2014 |
waoo..gud development for d economy
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Re: Dubai Company Buys N48bn Stake In Dangote Cement by valuedammy(m): 10:26am On Sep 09, 2014 |
Gud 1 there, a good development for the company and the Nigeria economy as a whole, we need more foreign investors. |
Re: Dubai Company Buys N48bn Stake In Dangote Cement by Nobody: 10:27am On Sep 09, 2014 |
. Shehucom: Who b dis cheater??.AND U QUOTED HIM FOR THIS? 1 Like |
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