Dangote Cement mulls listing on foreign Exchange

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By Kayode Tokede

The management of Dangote Cement Plc is considering listing its shares on international Exchanges.

Director at Dangote Cement, Joseph Makoju in a statement to The Nigerian Stock Exchange (NSE) on Wednesday said the management continued to consider all strategic and financial options for the cement manufacturing company.

According to him,  The board of Dangote Cement continues to consider all strategic and financial options for the company, which may include a possible international listing of its shares. At present, no decision has been finalized on such a course of action.”

News during the news had revealed that Edwin Devakumar, group executive director of Dangote Industries Limited had disclosed the company was considering listing on the London Stock Exchange (LSE) in 2019.

In April 2018, there were also reports that the company could be listing on the LSE, indicative of the cement firm’s move to raise more funds for a planned pan African expansion, joining the likes of Nigerian companies like Seplat and Oando Plc, with international listings.

The company had recently raised N50 billion Series 1 and Series 2 Notes under its N150 billion commercial paper programme.

Dangote Cement Plc is currently the biggest stock by market capitalization, accounting for 28.3 percent of the NSE’s total market capitalization.

Results for the first quarter ended March 2018 show revenue increased from N208 billion in 2017 to N242 billion in 2018. Profit before tax increased from N77.3 billion in 2017 to N108 billion in 2018. Profit after tax also rose from N55.8 billion in 2017 to N72.1 billion in 2018.

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