Africa’s richest man, Aliko Dangote, has sold a 2.3 percent stake in Dangote Cement to foreign buyers.The stock market deal is valued at about $230-million (R3.05-billion).
The Nigeria stock exchange confirmed the sale, saying that 416-million shares of Dangote Cement were traded.
In 2013, Dangote Industries sold a 1.5 percent of its 95-percent stake in Africa’s biggest cement producer, to South Africa’s Public Investment Corporation (PIC). Dangote faces stiff competition on the continent from French cement maker, Lafarge.
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The latter combined its Nigerian and South African businesses to accelerate growth in Africa.
From eNCA
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