Dangote Cement shares trade in off-market deal worth $86m


Nigeria’s Dangote Industries Limited sold N128.5 million shares of Dangote Cement at N210 naira each on Monday in a one-off stock market deal valued at N27 billion naira ($85.9 million).

Africa’s biggest cement maker has been selling small stakes to increase its free float, which is well below the Nigerian stock exchange’s required level.

In August, the cement maker, owned by Africa’s richest man Aliko Dangote, sold a 2.3 per cent stake in Dangote Cement to foreign investors in a deal valued at N86.1 billion naira.