Dangote Cement Withdraws from London Stock Exchange Listing
Dangote Cement Plc has withdrawn its plan to list on the London Stock Exchange, according to an official disclosure submitted to the Nigerian Exchange (NGX) and released on Tuesday.
Aliko Dangote, Africa’s richest man, has shelved plans to list his cement empire on the London Stock Exchange, dealing another blow to Britain’s struggling stock market.
The cement company said it had abandoned plans for a secondary listing in the UK, citing prevailing market conditions.
The decision comes weeks after the company’s chairman, Emmanuel Ikazoboh, described the proposed London listing as a “landmark moment”.
Africa’s largest cement producer disclosed in May that it was in preliminary discussions about a London listing to attract more international investors and access deeper pools of capital.
The company, valued at N24.79tn naira (£13.7bn), will remain listed on the main Nigerian stock exchange.
It said: “In light of current market conditions and the company’s strategic priorities, the company announces that it and its selling shareholder, Dangote Industries Limited, will not proceed with the proposed secondary listing and offering on the London Stock Exchange at this time.”
Mr Ikazoboh, Dangote Cement’s chairman, had spoken positively about London during roadshows with investors in recent weeks. “London is a natural bridge between African opportunity and global investors,” he told The Sunday Times.
Dangote’s decision follows a sharp decline in the FTSE 100 last week as it was swept up by concerns about a slowdown in global AI spending after the US midterm elections.
Meanwhile, Dangote Cement said: “This decision does not in any way affect the company’s operations or business plans.
“Dangote Cement remains focused on delivering sustainable value to its shareholders and building on its strong market position.” US, European Indexes Edge Higher on AI Stocks Momentum
