Business man Aliko Dangote sells 3.23% of his stake in his cement company for $350 Million

Africa’s richest man, Alhaji Aliko Dangote has raked in $350 million (N107 billion) in just 24 hours for selling 3.23% stake to foreign investors.

According to market reports, the cement maker sold 550 million shares at N225.7  each in a one-off stock market deal valued at $350 million (N107 billion). Although details of the investor(s) are currently not available, but the buying offer was coordinated by CSL Stockbrokers Ltd.

Dangote Cement Limited (DCL) is the biggest company on the Nigerian Stock Exchange (NSE). Its stock value is one-third of the market's total capitalization.

The shares of DCL was listed on the Nigerian Stock Exchange (NSE) in October 2010 at a price N135 per share. As at close of trade on December 19, 2017, its price stood at N238.99 per share.

Also, the business accounts for over 75 percent of Dangote's wealth. Within the last five years, Dangote Cement has expanded to nine other African countries.

The deal is expected to increase the market capitalisation of NSE and positively impact on the end of year results of the bourse.