Dubai Firm Buys N48.7bn Shares in Dangote Cement 

The Investment Corporation of Dubai, the investment arm of the government of Dubai, has acquired 243,500 million units of Dangote Cement Plc for $300m (N48.7bn) at N200 per unit from Dangote Industries Limited.
Confirming the deal, the Nigerian Stock Exchange said the units were traded on Monday as an off-market trade. It added that the purchase and sale were executed by Meristem Securities Limited, while Guaranty Trust Bank Plc acted as the banker. A statement on the deal explained that the agreement was signed at a ceremony in Dubai, which was attended by the Executive Director and Chief Executive Officer, ICD, Mohammed Al Shaibani, and the President/Chief Executive Officer, Dangote Industries Limited, Alhaji Aliko Dangote. According to the statement, the deal places Dangote Cement, which accounts for up to 30% of the NSE’s total market capitalisation, above industry heavyweights such as Anhui, CRH and Heidelberg in terms of value.

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