Africa’s Richest Man Aliko Dangote Delays Cement London Listing

Nov 04 2020
Accurate

Aliko Dangote, Africa’s richest person, has again delayed plans to sell shares in his cement maker on the London Stock Exchange, opting instead to focus on increasing exports and boosting the Nigerian company’s foreign-exchange reserves.

Dangote Cement Plc, the continent’s biggest producer of the building material, isn’t expected to attempt a U.K. initial public offering until at least 2023, Temilade Aduroja, head of investor relations at the Lagos-based company, said by email. “The London listing is not something which will happen in the short to medium term,” she said. “We are focused on our export strategy and increasing our foreign-currency revenue.”

Aliko Dangote, 63, who has a net worth of more than $14 billion, has long expressed his ambition for Dangote Cement to have a secondary London listing to diversify its ownership and gain access to cheaper funds on international markets.

Source ~ ABC

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