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Monday’s deal for Dangote Cement Plc, facilitated by Meristem Securities Limited has continued to elicit positive reactions from industry experts.
The deal attracted deep pocket foreign investors who staked over N27bn on about 128.992 million units of the cement company’s shares on Monday.
The transaction lifted the overall value of trading in the market to N30.023bn as 336.335 million shares were traded in 3,778 deals. Dangote Cement share price rose to N238 from N229.01, appreciating by 3.93 per cent.
Dangote Cement alone accounted for N27.082bn staked on 129.923 million shares in 238 deals, which is about 90 per cent of the day’s transaction value. The investors were said to be Dubai based.
Business Hilights recalls that the strategic transaction is coming three months after some foreign investors bought 2.3 per cent stake in Dangote Cement for N86.1bn. That sale involved 416 million shares.
Before the N86.1bn investment, two other foreign investors had bought into Dangote Cement. In 2013, South Africa’s Public Investment Corporation bought 1.5 per cent for $289.3m. Similarly, in 2014, Sovereign Fund Investment Corp of Dubai acquired 1.4 per cent for $300m.
Industry observers who barred their minds on the imports of the deal said it have pushed the company to all time high in value addition to the shareholders and the capital market by extension.