ICD acquires 243.5m units of Dangote Cement

Investment Corporation of Dubai (ICD), the main investment arm of the Emirate of Dubai, has acquired 243.500 million units of Dangote Cement Plc sold by Dangote Industries Limited for $300 million (about N48 billion).

The sale and purchase of the shares were executed by Meristem Securities Limited, a dealing member of the Nigerian Stock Exchange (NSE) while Guaranty Trust Bank Plc acted as the banker.

Dangote Cement, which is listed on the NSE, forms part of the Dangote Group, a diversified conglomerate of African businesses, founded and controlled by internationally renowned Nigerian business leader, Aliko Dangote. Details later….

IHEANYI NWACHUKWU