Prime Business Africa
The fourth largest investor in Dangote Cement, GW Grey Pte Ltd, owned by Viswanathan Shankar, has reduced its stake in the manufacturer from 0.76 percent to 0.20 percent in March.
Prior to the transaction, the largest shareholder was Dangote Industries Limited, Stanbic IBTC
Nominees Ltd was placed second, Investment Corporation of Dubai was the third largest, and Grey took the fourth spot.
In an insider dealing notification on Tuesday released by Dangote Cement, it was gathered that Grey sold 94.54 million shares between March 10 and March 18, on the Nigerian Exchange (NGX), also known as the stock market.
According to Prime Business Africa’s analysis of the transaction, the non-executive director’s investment company sold the shares to take out N71.08 billion from his investment in Dangote Cement within two weeks.
Prior to the sell off, Grey held 128.56 million shares, which were valued at N104.77 billion as of March 9, however, after the transaction, the volume of shares held indirectly by Shankar dropped to 34.01 million, valued at N27.55 billion.
Before making the transaction, Grey had raked in significant gains in its investment, which surged by 70.21 percent, after Dangote Cement’s share price rose by N336.2 Kobo, from N478.80 kobo as of December 31, 2024, to N815 as of March 9, the day before the transaction.
Following the increase in Dangote Cement share price, the value of shares held by Grey significantly increased from N61.55 billion at the end of December 2024 to N104.77 billion as of March 9, representing a gain of N43.22 billion, according to Prime Business Africa’s analysis.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
