Investment firm GW Grey Pte Limited has just pulled off a blockbuster cash-out on the Nigerian Exchange Limited (NGX), pocketing N29 billion from a massive sale of Dangote Cement Plc shares.
The vehicle, tied to Dangote Cement non-executive director Viswanathan Shankar, executed the multi-billion-naira offload on June 8 amid soaring revenues and high-stakes expansion plans for the cement giant.
GW Grey Pte Limited sold 34,015,691 units of Dangote Cement shares at N850 per share. At this rate, this share sale by GW Grey Pte Limited represents massive discounts on N1,180 which Dangote Cement Plc closed the same day.
The transaction highlights a tactical liquidity play by billionaire investor Viswanathan Shankar through his primary investment vehicle.
Dangote Cement Plc stock which steadied at N1,155 per share on June 11, trades near its 52-week high of N1,189 from a 52-week low of N425.
Dangote Cement has experienced a phenomenal rally on the
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