Dangote Cement - June 2013

Public Investment Corporation of South Africa (PIC), Africa’s largest sovereign wealth fund, has acquired a 1.5 per cent stake in Dangote Cement Plc for NGN45.75bn (US$289.3m), or NGN179 per share. This marks the largest single deal made so far on the Nigerian Stock Exchange (NSE). In the first week of June, Dangote Cement’s shares rose 2.37 per cent to a record high of NGN196.25 (US$1.24), its highest price since it was listed on the NSE in October 2010. PIC is now rumoured to be looking to invest in Dangote’s sugar, flour, oil refinery and port operations. 

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