By Dipo Olowookere
One of the big players in the Nigerian Stock Exchange (NSE), Dangote Cement Plc, may likely list its shares on the floor of the London Stock Exchange (LSE) next year.
Group Executive Director of Dangote Industries Ltd, Mr Edwin Devakumar, disclosed that this may possibly happen after the general elections in Nigeria.
According to him, some banks have approached the cement maker on the possibility of arranging the Initial Public Offering (IPO), though none had been mandated and there had been no decision about how much to raise.
However, he said the company was working on it and “we’ll look at it in 2019.”
Recently, the company announced the appointment of Cherie Blair and Mick Davies as Independent Non-Executive Directors.
The appointments were seen by industry observers as preparing the way for the eventual listing of the cement group on the London Exchange.
Also not too long ago, Dangote Cement announced the issuance of its N150 billion Commercial Paper Issuance Programme. The commercial paper is expected to be listed on the FMDQ trading platform in some days time.
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 N300 billion ($833 million) local-currency bond. The company also plans to raise $500 million via the issuance of a Eurobond.
Adedapo Adesanya