Dangote shifts listing of Cement firm on London Stock Exchange to 2020

Dangote Cement has shifted listing on the London Stock Exchange earlier scheduled for 2019 to 2020.

In a report by Reuters on Friday, the company said it had been in talks with several banks over the long-planned secondary stock market listing in London which it now thinks likely to happen in 2020.

At the 2018 FT Africa summit in London, owner of Dangote Cement, Aliko Dangote hinted that the usual banks like Bank of America Merrill Lynch, Standard Chartered could be among the official bankers for the London public listing of Dangote Cement.

He also reaffirmed that the process of the London listing was scheduled to commence fully after Nigeria’s general elections in 2019.

Labourers work at the Dangote Cement factory in Obajana village in Nigeria’s central state of Kogi November 8, 2010. REUTERS/Akintunde Akinleye

Theresa May, UK Prime Minister, had also hailed the plan.

In its latest statement, the cement giant said the banks had not yet been selected.

“The process is still under consideration. We have been in communication with a number of banks,” the company said.

“It’s more likely to be in 2020.

The listing of Dangote’s cash cow on London stock has been in the works for over six years.

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