Lagos — Nigeria’s Dangote Industries sold a 2.3% stake in Dangote Cement to foreign investors on Tuesday in a stock market deal valued at 86.1-billion naira ($236m). 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. A spokesman for the exchange said 416-million shares of Dangote Cement were sold on Tuesday at 210 naira each in six off-market deals negotiated between Stanbic IBTC and Meristem stockbrokers. The price was below Dangote Cement’s closing price on Monday of 223.75 naira. Shares in the company, owned by Africa’s richest man, Aliko Dangote, jumped after news of the share sale, closing up 7.3% at 240 naira, valuing the company at 4.09-trillion naira ($11.2bn). A spokesperson for the cement maker said the deal was between Dangote Industries and foreign investors, who he did not identify. The transaction increases Dangote Cement’s free float to 10.4%, according to Thomson Re...
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