Dangote Cement’s 1.4% stake sale to ICD

A 1.4% interest in Nigerian cement giant Dangote Cement has been acquired for US$300 million by UAE-based sovereign fund Investment Corp of Dubai (ICD), according to a spokesman for the African company. ICD is said to have purchased 243 million Dangote Cement shares that were priced at US$ 1.23 (NGN 200) per share. By market capitalisation, Dangote Cement is Nigeria’s largest firm.

September 12, 2014 Read time: 1 min

A 1.4% interest in Nigerian cement giant 7635 Dangote Cement has been acquired for US$300 million by UAE-based sovereign fund Investment Corp of Dubai (ICD), according to a spokesman for the African company. ICD is said to have purchased 243 million Dangote Cement shares that were priced at US$ 1.23 (NGN 200) per share. By market capitalisation, Dangote Cement is Nigeria’s largest firm.

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Dangote Cement launches largest promotion

Nigeria-based Dangote Cement has launched its largest promotion in Nigeria.

The cement producers will give NGN 300 million (€1.4 million/US$1.51 million) cash to its customers in the latest promotion.

For 90 days, 180 lucky winners will win two prizes of NGN 1 million every day, and one lucky winner will win NGN 30 million every month.

Customers will need to purchase one bag of cement to be part of the promotion. They will be required to cut out the token at the top right of the bag.

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August 28, 2014

Lafarge Nigeria’s HI profit up 29%

Nigeria’s Lafarge Cement Wapco reports profit before tax of N17.74 billion (approximately US$109 million) for its half-year ended 30 June, a 29% increase from its N13.8 billion ($85 million) in the corresponding period of the previous year.

The company, which last month merged with South Africa’s Lafarge subsidiary, also enjoyed a 12% increase in revenue for the first six months of 2014. Revenue rose to N55.35 billion ($341 million) from N49.48 billion ($305 million) in the preceding year.

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