South African Pension Fund Buys Stake In Dangote Cement

South African Pension Fund Buys Stake In Dangote Cement

From Reuters.

South Africa’s Public Investment Corporation paid $289.3 million for a 1.5 percent share in Dangote Industries, majority shareholder in Nigerian billionaire Aliko Dangote’s Dangote Cement, according to Reuters.

Renaissance Capital, which brokered the deal, said Dangote Industries sold 1.5 percent of its 95 percent stake in Africa’s biggest cement producer at 179 naira per share. Dangote Cement shares, which make up a third of the Nigerian stock market, traded flat on Monday at 210 naira, staying at an all-time high, the report said.

Aliko Dangote was recently named by the Forbes list the richest man in Africa and 25th richest in the world. His company has been valued at $22 billion, according to the report.

South Africa’s Public Investment Corporation manages the government’s pension fund and aims to diversify its investments outside its home market, tapping into other faster-growing African markets, the report says. In 2012, it bought almost 20 percent of pan-African lender Ecobank Trasnational Inc. for $250 million, its first major investment outside of South Africa.

Read more at Reuters.