Saturday, 5 June 2010
Nigeria's Aliko Dangote ups stake in South African cement firm
Dangote Group will invest R779 million to more than treble its stake in South Africa's Sephaku Cement to 64 percent, the latest move by Nigerian tycoon Aliko Dangote to expand his business empire.
The cash will help fund Sephaku's new 2.2 million tonnes a year cement plant scheduled to come on stream in 2012, Nigeria's leading industrial conglomerate said in a statement on Friday.
Dangote had first invested 3 billion rand in Sephaku Cement in 2008 to help finance the South African firm's plant that was originally expected to start production in 2010.
Aliko Dangote, Africa's most successful businessman, controls about two-thirds of the Nigerian cement market and seeks to expand his interests in the world's poorest continent.
"We need such international expansion to grow at a similar rate or outperform the BRIC nations of Brazil, Russia, India and China," Dangote was quoted as saying.
Source.
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