Dangote Cement targets London for listing

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UK: Aliko Dangote plans to list his US$11bn cement business, Dangote Cement, on the London Stock Exchange in 2013. Dangote is cited by the Financial Times as saying he intends to free-float a 20% stake in Dangote Cement to finance its rapid expansion.

"We want to list in London next year. By then the upside to our business will be much bigger than today," Dangote is quoted as saying.

Morgan Stanley and JPMorgan have been appointed as co-leads for the London share issue. Dangote is cited as saying the company was on track to meet the corporate governance requirements for a premium listing, and that he would give up his current role as chairman.

Chris Searle, Partner at BDO LLP commented, "If this IPO goes ahead, it will give London a significant credential that will hopefully attract other African companies at a time when Africa is one of the fastest growing regions in the world and will further cement London's status as the most international stock market in the world."

Searle added that the decision reflects a realisation by Dangote that it must improve its corporate governance. He also expressed surprise that the free float was 20%. Under current rules, the UK Listing Authority has set a minimum free float requirement of 25% for companies seeking to obtain a listing on the London Stock Exchange.

Last modified on 04 April 2012

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