Africa’s richest businessman, Alhaji Aliko Dangote has provided some hints on the much awaited London public listing of Dangote Cement. Dangote while speaking at the FT Africa summit revealed that Bank of America Merrill Lynch and Standard Chartered could be among the banks organizing the IPO scheduled to take place sometime after Nigeria’s General Election next year.
Recall that Nairametrics had earlier reported that Dangote Cement Plc could be considering a London listing in the next two years as it seeks more funds for its expansion. Dangote Cement intends to spend heavily on expansion, with $350 million earmarked for capital projects this year. This includes the building of export facilities at Nigeria’s seaports to boost shipments to neighboring West African countries.
Africa’s biggest producer of the building material considered raising equity in London back in 2010. At the time, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley helped it prepare a sale that could have raised as much as $5 billion, before the move was abandoned. The revival of the IPO plans led to Dangote Cement appointing former Xstrata Plc CEO Mick Davis and Cherie Blair, a British lawyer, to its board in April.
The cement company recently announced the issuance of its N150 billion Commercial Paper Issuance Programme. Dangote Cement Plc is a Nigerian multinational publicly traded cement manufacturer headquartered in Lagos. The company is engaged in the manufacture, preparation, import, packaging, and distribution of cement and related products across the African continent.
Dangote Cement share price was traded at N200 on the floor of the Nigerian Stock Exchange with its one -year return down by 4.22%.