Public Investment Corporation Buys Stake in Dangote Cement

southafricaSouth Africa’s Public Investment Corporation (PIC) acquired a 1.5% stake in Dangote Cement Plc. The deal was worth about US$ 289.3 million.

Dangote Cement is the biggest listed company in Nigeria. As the Johannesburg Exchange’s largest institutional investor, the PIC is keen on expanding investments within Africa. This is not the first transaction for the PIC outside of South Africa. It recently acquired a 19.58% stake in Ecobank Transnational for nearly US$ 250 million.

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