When Africa’s richest man, Aliko Dangote goes shopping, nothing short of a cash rain is expected.

That was the case on Monday when his cement division offloaded some 550 million shares at 225.7 naira each in a one-off stock market deal valued at $350 million, about 107 billion naira.

Traders said it was negotiated in a deal between seller Meristem Stockbrokers Ltd and buyer CSL Stockbrokers Ltd.

Dangote Cement’s shares last trading price was 238.99 naira by market close.

Also Read: Dangote Takes Cement Distribution Online

Africa’s biggest cement maker has been selling small stakes to increase its free float (an amount of his shares that could be traded on the stock market), which is well below the Nigerian stock exchange’s required level.

The cement maker sold 128.5 million shares at 210 naira each last month. In August, it sold a 2.3% stake to foreign investors in a deal valued at 86.1 billion naira.

It is the biggest company on the Nigerian Stock Exchange, accounting for a third of total market capitalisation.

The Nigeria Stock Exchange waived its free float requirement when it listed in 2010 in a bid to encourage more companies to list.

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