Dangote Cement’s London Stock Exchange Listing Suffers Setback, Postponed By Three Years
Africa’s largest cement producer, Dangote Cement Plc is considering delaying its listing on the London Stock Exchange till 2023.
The company which is Nigeria’s largest stock listed on the Nigerian Stock Exchange is refocusing in the mean time to increase exports and boosting the company’s foreign-exchange reserves.
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The Head, Investor Relations at Dangote Cement,Temilade Aduroja,
told Bloomberg that the listing will not happen in the short to medium term.
Aduroja said, “The London listing is not something which will happen in the short to medium term.
“We are focused on our export strategy and increasing our foreign-currency revenue.”
The Lagos based cement producer had initially planned an initial public offer on the London Stock Exchange. However, this would be delayed till at least 2023, according to Aduroja.
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The company had in 2012 hinted on the move to be listed on the London Stock Exchange by 2013.
In July this year, Dangote had disclosed plans to export clinker to 15 countries in the continent, a move the company said would resolve its foreign exchange scarcity in the country.
