Dangote Cement to list on LSE in 2013
Dangote Cement Plc has indicated its plans to list on the London Stock Exchange in 2013.
The Chairman of Dangote Group, Alhaji Aliko Dangote, was quoted as saying that he intended to float a 20 per cent stake in Dangote Cement to finance its rapid expansion.
“We want to list in London next year. By then the upside to our business will be much bigger than today,” Financial Times quoted Dangote as saying on Monday.
The report stated that Morgan Stanley and JPMorgan had been appointed as co-leads for the London share issue, adding that the company was on track to meet the corporate governance requirements for a premium listing, and that he would give up his current role as chairman.
The company had on October 2010, listed 100 million shares on the NSE, following a merger with local rival Benue Cement, which increased the value of the firm to $14bn, making it the largest company by market capitalisation in Nigeria.
The listing, which was on a special offer, followed the approval of the merger between Dangote Cement Plc and Benue Cement Company, whereby shareholders of BCC received one of DCP’s shares in exchange for two of BCC’s shares.
After the listing, the enlarged Dangote Cement’s shares constituted over 25 per cent of the entire market capitalisation of the NSE.
The listing, had lifted the NSE‘s market capitalisation by about N2.1tn.
Publication date is 4/4/2012
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