The Investment Corporation of Dubai has invested $300 million in Dangote Cement by purchase of 243,500 million units at N200/unit from Dangote Industries Ltd.
The deal took place yesterday and was facilitated by Meristem Securities and GTBank Ltd.
According to a press statement released by the parties, the deal was finalized in Dubai at a signing ceremony attended by Chief Executive Officer, ICD, Mohammed Al Shaibani, and the President/Chief Executive Officer, Dangote Industries Limited, Alhaji Aliko Dangote.
l Shaibani was quoted as saying, “We believe sub-Saharan Africa, and particularly Nigeria, provides fantastic long-term investment opportunities. In this case, Dangote Cement provides some excellent investment credentials, being a highly profitable, well-capitalised and efficiently run organisation, with a market leading position in the largest African economy and very well positioned to access and act on growth opportunities across the continent.
“Consequently, we are very pleased to be given the opportunity to invest and participate in its future growth potential.”
Dangote expressed his pleasure that “a prestigious investor” such as the ICD had joined Dangote Cement’s growing list of international blue-chip shareholders.
He said, “They share our vision of Africa that will grow to become an economic powerhouse in the coming decades as its people rise to become prosperous members of the global economy.
“Our products may be simple bags of cement but millions of Africans will use them to build a continent that is rich in opportunities for entrepreneurs and investors like ICD, who support them.”