Dangote Cement - August 2017
Aliko Dangote has sold a 2.3 per cent stake in Dangote Cement to foreign buyers in a deal worth NGN86.1bn (US$236m), according to Reuters. The company has been selling off small stakes to try and meet its free float requirement for the Nigerian Stock Exchange (NSE). When it joined the NSE in 2010, it was given 18 months to reach a 20 per cent free float level, but this latest transaction only takes it to 10.4 per cent. In 2013 it sold 1.5 per cent to Public Investment Corporation, followed by a further 1.4 per cent in 2014 to Sovereign Fund Investment Corporation. Today, Dangote is the largest company on the NSE, accounting for a third of its total market capitalisation.
