Investment Corp of Dubai (ICD), the state fund which holds stakes in some of the Emirate’s top firms, has agreed to buy a $300 million stake in top Nigerian cement producer, Dangote Cement, a spokesman for Dangote said on Monday.
Dangote’s Head of Investor Relations, Carl Franklin, did not give further details.
Dangote’s current market capitalisation is about $23.7 billion, meaning ICD is taking a stake of about 1.3 percent.
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.