Dangote Cement mulls London listing after 2019 elections: Dangote Cement Plc may carry out the much-awaited listing of its shares in the London Stock Exchange after next year’s general elections in Nigeria, Edwin Devakumar, Group Executive Director, Dangote Industries Ltd, has disclosed.
Devakumar revealed that the company was working on it and “we’ll look at it in 2019”.
He further revealed that some banks have approached the company to arrange the Initial Public Offering (IPO), though none had been mandated and there had been no decision about how much to raise.
Recently, the company announced the appointment of Cherie Blair and Mick Davies as Independent Non-Executive Directors. The appointments are seen by industry observers as preparing the way for the eventual listing of the cement group on the London Exchange.
The cement company, penultimate week, announced the issuance of its N150 billion Commercial Paper Issuance Programme. The commercial paper is expected to be listed on the FMDQ trading platform.
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Africa’s largest cement producer, recently announced the issuance of N50 billion Series 1 and 2 Notes under its 150 billion Commercial Paper Programme, announced on June 27, 2018.
Dangote Cement announced a few weeks back that it wanted to raise a ₦300 billion ($833 million) local-currency bond. The company also plans to raise $500 million via the issuance of a Eurobond.