Aliko Dangote, founder and president of Dangote has revived plans to list Dangote Cement on the London Stock Exchange, nearly eight years after an earlier attempt stalled.
The billionaire businessman disclosed the renewed push in an interview with the Financial Times, saying changes to the United Kingdom’s listing rules have made the move more attractive.
Dangote said the revised regulations had “brought down minimum listing requirements”, encouraging the company to revisit its long-standing ambition of securing a dual listing.
“We want to do a dual listing. We have been thinking about it for seven to 10 years,” he said.
The planned transaction is expected to involve the sale of about 10 per cent of the company’s shares on the London market, in what analysts described as a significant boost for the UK exchange.
According to the report, advisers working on the proposed listing include JPMorgan Chase, Citigroup and Standard Bank.
Dangote Cement, currently valued at about $13 billion, had previously laid groundwork for a London listing in 2018 by appointing Cherie Blair and Mick Davis as independent directors.
However, the earlier effort was delayed by strict listing requirements and the massive investment in the construction of the $20 billion Dangote Refinery.
The refinery, now producing 650,000 barrels per day, became a major priority for the businessman during that period.
The Financial Times reported that the London listing could happen around September, depending on market conditions and investor appetite.
Dangote also unveiled plans to expand the company’s cement production capacity from 60 million tonnes annually to 100 million tonnes by 2030.
He said construction had already started in Nigeria on a new six-million-tonne cement plant, with another facility of the same capacity planned for exports.
The billionaire also reflected on his previously stated ambition to buy Arsenal F.C., saying he had “missed the boat” after shifting his focus to completing the refinery project.
