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Sovereign Wealth Funds Briefing - Categorized | Investment, Market

Nigeria’s Dangote Cement sells $289 mln stake to SWF

Posted on 11 June 2013

Dangote Cement Plc (DANGCEM), the Nigerian industrial company owned by Africa’s richest man, sold a 1.5 percent stake to an unidentified sovereign wealth fund, according to Renaissance Capital, which helped manage the sale.
The stake was sold at 179 naira share, valuing the deal at 45.8 billion naira ($289 million) and giving the Lagos-based company an implied market capitalization of $19.3 billion, Moscow-based Renaissance Capital said in an e-mailed statement. The stake was sold by Dangote Industries Ltd., which owns 95 percent of the company, according to data compiled by Bloomberg………………………………………..Full Article: Source


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