PIC buys stake in Nigeria’s biggest listed company

LAGOS — Dangote Industries, majority shareholder in Dangote Cement, on Monday sold 1.5% of its stake in Nigeria’s biggest listed firm to South Africa’s Public Investment Corporation (PIC) for $289.3m.

Renaissance Capital, broker to the deal, said Dangote Industries sold 1.5% of its 95% stake in Africa’s biggest cement producer at 179 naira ($1.12) per share.

Dangote Cement shares, which make up a third of the Nigerian stock market, traded flat on Monday at 210 naira, staying at a high.

Shares in Dangote cement, majority owned by Africa’s richest man, Aliko Dangote, have surged to record highs since May. Mr Dangote is also the 25th richest man in the world, worth $20bn, according to Forbes magazine’s latest estimate.

The PIC, which manages pension funds for the South African government, is trying to diversify its investment out of its home market to tap into other faster-growing African markets.

Last year, the PIC bought 19.58% of pan-African lender Ecobank Trasnational for $250m, its first major investment outside South Africa.

 - BDLive