Foreign investors buy 410m shares of Dangote cement

Dangote Industries on Tuesday on the Nigerian Stock Exchange (NSE) sold 410 million shares of Dangote Cement valued at N86.1 billion to some foreign investors at N210 per share.

The News Agency of Nigeria (NAN) reports that the transaction was crossed at off-market price of N210 in six deals.

Mallam Garba Kurfi, the Managing Director, APT Securities and Funds Ltd., told NAN that the details of the foreign investors were yet to be revealed.

Kurfi said that the transaction was perfected at N210 against the normal market price of N222.22 per share.

He stated that some foreign investors were taking position in the company due to its capacity building and high investment yield.

Kurfi recalled that the company, in 2013, sold 1.5 percent of its 95 per cent stake in Africa’s biggest cement producer to South Africa’s Public Investment Corporation (PIC) for 289.3 million dollars.

Consequently, Dangote Cement emerged the most traded with a turnover of 417.76 million shares valued at N87.76 billion.