Dangote may list in London early in 2019, expanding through acquisitions
A number of banks have approached the company to arrange the initial public offering, as it looks to expand into markets such as Brazil, Peru and Nepal
Lagos — Dangote Cement, Africa’s biggest producer of the building material, may carry out its long-planned listing of shares in London after Nigerian elections early next year, as it looks to expand through acquisitions. "We are working on it and we’ll look at it in 2019," Edwin Devakumar, group executive director at Dangote Industries, said in an interview near Lagos, Nigeria’s commercial capital, on Wednesday. "We have grown to this extent mostly via greenfield investments. To grow much more, we’d probably have to do it via acquisitions." A number of banks have approached the company to arrange the initial public offering (IPO), though none has been mandated and there’s been no decision about how much to raise, he said. About 15% of Dangote Cement’s shares are listed in Lagos, where it has a market value of 3.9-trillion naira ($10.8bn). The firm, controlled by Africa’s richest man, Aliko Dangote, considered raising equity in London back in 2010. At the time, Goldman Sachs, JPMorga...
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