Aliko Dangote is planning a secondary listing of Dangote Cement on the London market this year, in a move that could provide a significant boost to the UK’s capital markets, according to a report by the Financial Times (FT).
The report said the cement giant, currently valued at nearly $13 billion (N16.7 trillion) on the Nigerian Exchange, is targeting a dual listing in London, with about 10 percent of the company’s shares expected to be sold to outside investors.
Speaking to the Financial Times, Dangote said plans for a London listing had been under consideration for nearly a decade. “We want to do a dual listing. We’ve been thinking about it for seven to 10 years,” he said, noting that his businesses had entered “the busiest period” of his life.
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According to the report, the planned listing is expected around September and has been encouraged by recent reforms introduced by the UK’s Financial Conduct Authority aimed at making London more attractive for new listings.
“We ended up saying London is good as they have brought down the minimum listing requirements,” Dangote said.
Sources familiar with the matter told the FT that the company has already appointed advisers for the proposed transaction, including Citigroup, JPMorgan Chase, and Standard Bank.
The move revives an earlier attempt by Dangote Cement to secure a London listing, which did not materialise due to regulatory hurdles and the demands of developing the $20 billion Dangote Refinery.
Dangote Cement, Africa’s largest cement producer, currently operates across 11 African countries and has seen its shares rise more than 70 per cent this year. The company was first listed on the Nigerian Exchange in 2010.
The FT report noted that the company had previously taken steps to prepare for an international listing, including appointing high-profile independent directors such as Cherie Blair and Mick Davis to its board in 2018.
Dangote also disclosed plans to expand the company’s cement production capacity from 60 million tonnes annually to 100 million tonnes by 2030.
Beyond cement, the billionaire businessman said he also plans to sell up to a 15 percent stake in his oil refining business through an initial public offering on the Nigerian market later this year.
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According to Bloomberg’s billionaire index cited in the report, Dangote’s net worth stood at $35.4 billion in May, making him Africa’s richest person and the only African currently ranked among the world’s 100 wealthiest individuals.