DUBAI'S COMPANY BUYING $300 MLN STAKE IN AFRICAN INDUSTRY

Posted on : Monday, 29th December 2014

 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.