Business
South Africa’s Public Investment Corporation invests a further $289 million in Dangote Group
The cement deal “offers the Public Investment Corporation other investment opportunities in Dangote Group portfolio companies,” Madavo said in the response to questions.
The Dangote Group is sub-Saharan Africa’s largest and most efficient cement producer.
The Lagos-based cement company, West Africa’s largest by market value, can produce 19.3 million metric tons in Nigeria, with plans to increase that to 29 million metric tons by 2015. Operations will start in Cameroon, Zambia and South Africa in 2014, and the Democratic Republic of Congo in 2015.
Dangote Cement will probably list shares in London in the fourth quarter of 2014 or first three months of 2015, Dangote said last month in an interview in Cape Town, where he also said he’s negotiated US$4.25 billion of loans to build a refinery in Nigeria. – The first privately owned refinery in sub-Saharan Africa
