June 10 (Bloomberg) -- Dangote Cement Plc, the Nigerian company owned by Africa’s richest man, sold a 1.5 percent stake to the Public Investment Corp., the South African asset manager that administers the government’s pension fund, according to Renaissance Capital, which helped manage the sale.
The stake was sold at 179 naira a share, valuing the deal at 45.8 billion naira ($289 million) and giving the Lagos-based company an implied market capitalization of $19.3 billion, Moscow-based Renaissance Capital said in an e-mailed statement. The stake was sold by Dangote Industries Ltd., which owns 95 percent of the company, according to data compiled by Bloomberg.
Dangote Cement is Africa’s biggest producer of the building material and has production capacity of 19.3 million metric tons in Nigeria, with plans to increase that to 29 million metric tons by 2015. It’s owned by its billionaire chairman Aliko Dangote.
PIC is Africa’s biggest fund managing the pensions of government workers and oversees more than 1 trillion rand ($98.2 billion) in assets. In August 2010, the Government Employees Pension Fund directed the firm to invest 5 percent of its assets in other African countries and 5 percent in developed markets.
Nomzamo Petje, spokeswoman for the PIC didn’t answer a call to her office phone today.
Last year, PIC invested $250 million in Togolese lender Ecobank Transnational Inc., Africa’s most geographically diverse bank.
Growth in Nigeria’s $269 billion economy, Africa’s largest outside South Africa, will quicken to 7.2 percent this year from 6.3 percent in 2012, International Monetary Fund projections show. That compares with an estimated 5.6 percent growth rate for sub-Saharan Africa and 3.3 percent in South Africa.
Dangote Cement’s shares were unchanged at 210 naira at the 2:30 p.m. close in Lagos. The stock has gained 64 percent this year, out pacing the 42 percent increase in the Nigerian Stock Exchange All-Share Index.
To contact the editor responsible for this story: Dale Crofts at firstname.lastname@example.org