Nigeria: UAE Firm Invests U.S.$300 Million in Dangote Cement

In what may seem a gradual step to meeting the rule of the Nigerian Stock Exchange (NSE) that 25 per cent of quoted companies minimum be held by the public, Dangote Industries Limited (DIL) on Monday transferred 243.5 million shares of Dangote Cement Plc at N200 each, as an off-market trade.

The trade, representing a 12 per cent premium to the market price of about N223 on Monday, was pre-agreed between the Dangote Industries and the Investment Corporation of Dubai (ICD), the main investment arm of the Emirate of Dubai, United Arab Emirates, which paid $300 million (about N48.708 billion) to acquire minority interest.

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