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Home Business News

DIL sells Dangote Cement shares in N27 billion deal

Onome Ohwovoriole by Onome Ohwovoriole
November 14, 2017
in Business News, Company News, Corporate deals, Stock Market
DIL sells Dangote Cement shares in N27 billion deal

Aliko Dangote President Dangote Industries Limited

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Dangote Industries Limited (DIL) has sold an additional stake in Dangote Cement to investors based in Dubai. 128.7 million shares were sold at a price of N210 per share with an estimated value of N27 billion. DIL is the investment vehicle through which Aliko Dangote maintains a controlling stake in Dangote Cement and other companies within the Dangote Group.

DIL, had in August 2017 sold 416 million shares to foreign investors in a deal valued at N88.1 billion. DIL had in 2013 sold a 1.5% stake in Dangote Cement to South Africa’s Public Investment Corporation (PIC) for $289.3 million and a 1.4% stake in Sovereign Fund Investment Corporation of Dubai in 2014 for $300 million. Dangote Cement shares closed at N238 in yesterday’s trading session on the Nigerian Stock Exchange (NSE) up 3.93%. Year to date the shares, are up 36.7%.

Implications of the deal

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The equity sales brings the company closer to meeting the free float requirements of the NSE. Dangote Cement is expected to have a free float of 20%, but was given a waiver on its listing. DIL has currently sold about 5.2% of its stake, but still maintains majority shareholding.

Dangote Cement is a fully integrated cement company with operations in Nigeria and 14 other countries. The company is one of Africa’s largest cement producers. results for the 9 months ended September 2017 show revenue increased from N442 billion in 2016 to N603 billion in 2017. Profit before tax also increased from N148 billion in 2016 to N220 billion in 2017.

Tags: Aliko DangoteDangote Industries limited (DIL)
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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