Investment Corp of Dubai (ICD), the state fund which holds stakes in some of the emirate's top firms, has agreed to buy a $300 million stake in top Nigerian cement producer Dangote Cement, a spokesman for Dangote said on Monday.
Carl Franklin, Dangote's head of investor relations, did not give further details. Dangote's current market capitalisation is about $23.7 billion, meaning ICD is taking a stake of about 1.3 percent.
Dangote, owned by Africa's richest man Aliko Dangote, is Nigeria's biggest company. It is expanding operations and plans to roll out cement plants across Africa.
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