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

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

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.

Money Stinks

Ok ooO dem try.

let the investment keep coming in gradually

Good one.

Soon, I'll buy the remaining stake in that company

NIGERIA progressing.... haters downgrading.

Good for the Naija economy!

nice ono

Money talks

Great, So many countries now recognising Nigeria economy as a potential giant in market.

D rich keeps gettin richer...

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.

Nice development we are getting there gradually, God bless Nigeria.

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.

Good for Dangote.. mean while am wait for my own investors

everybody b buying shares but no table
#GODUNDERSTANDS

Please Ban that idiot above

The economy is improving.

waoo..gud development for d economy

Gud 1 there, a good development for the company and the Nigeria economy as a whole, we need more foreign investors.

.

Shehucom: Who b dis cheater??

.AND U QUOTED HIM FOR THIS?