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Aliko Dangote, the richest person in Africa, once again delayed plans to sell shares of his cement company on the London Stock Exchange, opting instead to focus on increasing exports and increasing the Nigerian company’s foreign exchange reserves.
Dangote Cement, the continent’s largest producer of building materials, is not expected to attempt an IPO in the UK until at least 2023, Temilade Aduroja, head of investor relations for the Lagos-based company, said by mail. electronic.
“The listing in London is not something that will happen in the short or medium term,” he said. “We are focused on our export strategy and on increasing our foreign currency revenues.”
Aliko Dangote, 63, who has a net worth of more than $ 14 billion, has long expressed her ambition for Dangote Cement to have a secondary listing in London to diversify her property and gain access to cheaper funds in the international markets. However, for one reason or another, he never managed to pull the trigger. The controlling shareholder said 2018 listing would take place the following year, only for Brian Egan, a former CFO, to declare 2020 more likely.
Dangote Cement, Nigeria’s largest publicly traded company by market value, took advantage of a drop in yields in the national debt markets to raise 100 billion naira ($ 259 million) through commercial paper in May and April, the largest offering of its kind at that time.
The group said in July that it is looking to export clinker to 15 countries in West and Central Africa in a bid to boost revenues and solve the foreign exchange shortage in Nigeria.
