Meristem Drives N27bn Deal for Dangote Cement

• Meristem Drives N27bn Deal for Dangote Cement

Meristem Securities Limited has facilitated another deal for Dangote Cement Plc, which attracted another set of 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.

This 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.