Dangote cement defers LSE listing

Dangote cement defers LSE listing
Published: 22 August 2013

Tagged Under: Capacity Dangote Cement 

Dangote Cement has delayed plans for its listing on the London Stock Exchange (LSE) to 2014. Alhaji Aliko Dangote, chairman of Dangote Group, had announced the company intended to float a 20 per cent stake in Dangote Cement to finance its rapid expansion.

Dangote's Vice Chairman, Alhaji Tajudeen A Sijuade, told Citi Business News, the company is on track to meet the stringent corporate governance requirements for a premium listing and is likely to list next year.

“Maybe next year we have gone far, because one of the conditions was that our presence should be felt all over Africa and today we are in 13 African countries. So I think we should be prepared to list next year.”

Dangote is in the middle of a massive pan-Africa expansion programme with new cement capacity of 50Mta scheduled to come on-stream by 2015, expanding the company's production base to 14 other countries outside of Nigeria.