Lagos - South Africa's Public Investment Corporation (PIC) has acquired a minor stake in Dangote Cement Plc, the largest share trade on the Nigerian Stock Exchange (NSE).
The 100% South African Government-owned wealth fund company bought 255.6 million shares, a 1,5 per cent stake, of the Nigerian company from Dangote Industries Limited at N179 ($1.2) per share totalling N45.75 billion ($293.7m)
The deal which Renaissance Capital brokered, was the largest single deal so far made on the NSE following a similar transaction done on the shares of Dangote Flour Mills in October 2012. It was valued at N30.1 billion.
Dangote Cement is Africa’s biggest producer of the building material and has production capacity of 19.3 million tonnes.
Owned by billionaire, Aliko Dangote, it plans to increase to 29 million tonnes by 2015.
The South African Government established PIC in 1911. It presides over a wealth fund of R1.17 trillion (about $115 billion).
- CAJ News