Aliko Dangote, founder and president of Dangote Group, says he is planning to list his cement business on the London Stock Exchange for the second time .
His initial move started eight years ago and this time he is unrelenting.
Aliko Dangote
Aliko Dangote, founder and president of Dangote Group, says he is planning to list his cement business on the London Stock Exchange for the second time.
The renewed interest comes eight years after the industrialist first attempted to list the cement business on the London bourse in 2018 but faced several challenges.
Dangote told the Financial Times that Dangote Cement, with a market capitalisation of $13 billion, had entered the “busiest period” of his life.
Dangote said recent changes to the United Kingdom’s listing rules influenced the decision to revive the plan, as they have “brought down minimum listing requirements.
“We want to do a dual listing. We have been thinking about it for seven to 10 years,” he said.
In a move described as “a much-needed boost for the UK market,” about 10 percent of the shares in the company would be sold on the UK bourse.
Quoting “people familiar with the matter”, the FT reported that the appointed advisers for the proposed transaction include JP Morgan Chase, Citigroup, and Standard Bank.
The cement producer had already appointed Cherie Blair and former Xstrata CEO Mick Davis as independent directors to its board in 2018, in preparation.
“Stringent requirements as well as distractions, including the construction of a $20 billion dollar Refinery in Nigeria, now producing 650,000 barrels a day, meant the listing never went ahead,” FT reported.
The British daily newspaper reported that the planned London listing could take place around September, subject to market conditions and investor demand.
Also Read:Dangote Refinery: Step-by-step guide to apply for 2026 Graduate Trainee programme
Equities rally as industrial, insurance stocks drive N1.2trn surge
Port Harcourt refinery sabotaged more than 100 times-Dangote
Dangote announced his plans to increase annual cement production from 60 million tonnes to 100 million tonnes by 2030.
He said work in Nigeria had already begun on a “plant for 6mn tonnes, with another 6mn tonnes to follow,” all for export.
The billionaire also recalled previously considering a bid for Arsenal F.C., his favourite club, before prioritising completing the oil refinery project, claiming to “have missed the boat.”
Source:New Mail
