(MENAFN) Investment Corporation of Dubai (ICD) announced acquiring a 1.4 percent stake in Dangote Cement, Nigeria's biggest company by market capitalization, for USD300 million, Arab News reported.
"ICD is diversifying its portfolio into the West African market through a minority stake in Dangote Cement. We believe this bodes well for future investments into Nigeria from the Middle East," ICD said in a statement.
Dangote Cement is expanding its work with plans to roll out cement plants across Africa to reach an annual 62 million tons capacity by 2017, compared to a projected 42 million tons this year.
The company reported a profit of USD659.4 million in the January-June period, down 0.57 percent compared to the same period last year.
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