Investment Corp of Dubai has agreed to
buy a 300 million dollar stake in Dangote Cement.
The state fund, Investment Corp of Dubai
(ICD), which holds stakes in some of the emirate's top firms, has agreed to buy
the stake in top Nigerian cement producer, a spokesman for Dangote said on
Monday.
Carl Franklin, Dangote's head of investor relations, did not
give further details. Dangote's current market capitalisation is about 23.7
billion US dollars, meaning ICD is taking a stake of about 1.3 per cent.
Dangote, owned by Africa's richest man Aliko Dangote, is
Nigeria's biggest company. It is expanding operations and plans to roll out
cement plants across Africa.
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