Dangote Cement stock shelves London listing after market review

Dangote Cement said on Tuesday, November 10, that it and selling shareholder Dangote Industries Limited will not proceed with the proposed secondary listing and offering on the London Stock Exchange at this time. The decision was reported by BusinessDay after the company filed a regulatory notice with the Nigerian Exchange.

London offering put on hold

The board cited prevailing market conditions and the company's strategic priorities. The proposed transaction had been intended to broaden Dangote Cement's international investor base and provide overseas investors with another route into the shares.

Preparations had included a capital markets event in London on September 21. BusinessDay reported that Goldman Sachs and UBS were among the international banks expected to act as bookrunners, while the proposed sale had been valued at about 1 billion US dollars.

Domestic listing remains

Dangote Cement's ordinary shares will continue to trade on the Nigerian Exchange. The company said the decision does not affect its operations or business plans, and it gave no new timetable for the London transaction.

Business spans African markets

Dangote Cement produces and markets cement across Sub-Saharan Africa, with annual production capacity of 55.0 million tonnes across ten countries, according to the company's company profile. Its strategy centers on cement and clinker exports from Nigeria to West and Central Africa. Nigerian peers include BUA Cement and Lafarge Africa, while Holcim is a larger global building-materials peer with operations across several regions. Dangote Cement is therefore positioned as a major Sub-Saharan producer with a strong Nigerian and regional focus.

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