Dangote Cement Shelves Proposed London Listing

By Aduragbemi Omiyale

The planned listing of Dangote Cement Plc on the London Stock Exchange (LSE) has been shelved by the company.

The cement giant currently trades its shares on the Nigerian Exchange (NGX) Limited and traded flat at N1,469.90 per unit at the close of business on Tuesday.

In a notice to Customs Street today, it was disclosed that the proposed listing was suspended because of the current market conditions.

The decision to call off the London listing was taken by the board at its meeting today, according to the statement signed by the company secretary, Mr Edward Imoedemhe.

However, it was emphasised that this action will not affect the business plans of the organisation, and the shares of the cement firm remain tradable on the local bourse.

“The board resolved that, in light of current market conditions and the company’s strategic priorities, the company announces that it and its selling shareholder, Dangote Industries Limited (DIL), will not proceed with the proposed secondary listing and offering on the London Stock Exchange at this time.

“The company’s ordinary shares remain listed on the NGX, and this decision does not in any way affect the company’s operations or business plans.

“Dangote Cement PLC remains focused on delivering sustainable value to its shareholders and building on its strong market position,” the disclosure stated.