Dangote Cement’s 1.4% stake sale to ICD

A 1.4% interest in Nigerian cement giant 7635 Dangote Cement has been acquired for US$300 million by UAE-based sovereign fund Investment Corp of Dubai (ICD), according to a spokesman for the African company. ICD is said to have purchased 243 million Dangote Cement shares that were priced at US$ 1.23 (NGN 200) per share. By market capitalisation, Dangote Cement is Nigeria’s largest firm.