Continent’s largest cement maker is seeking about $1 billion

Move comes as Nigerian stocks soar with rising oil price

Dangote Cement Plc, owned by Africa’s richest man, has revived plans for a share sale in London that could raise about $1 billion, according to people familiar with the matter.

The Nigerian company, controlled by Aliko Dangote, has approached investment bankers to discuss a potential U.K. listing, said the people, who asked not to be named as the talks aren’t public. Once banks have been appointed, it will probably take at least five months to complete the process, one of the people said. The cement maker is also considering issuing a debut Eurobond, according to two different people familiar with the matter.

Discussions are ongoing and a listing of Africa’s biggest cement maker may not go ahead, the people said.

“We have not, to the best of my knowledge, taken such a decision,” Anthony Chiejina, Dangote Cement’s spokesman in Lagos, said in an emailed response to questions, without commenting on the banker talks.

Fresh capital would enable Dangote Cement to fund expansion plans in sub-Saharan Africa and broaden its base of investors. It sees London as a more favourable place to attract about $1 billion than in its home base of Lagos, Nigeria’s commercial capital, where no company has raised more in an initial public offering than Starcomms Plc’s $796 million in 2008.

Dangote Cement has a free float in Lagos of 14.9 percent and a market valuation of $12.3 billion. It mulled raising equity in London in 2010. At the time, Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley helped it prepare a sale that could have raised as much as $5 billion, before the move was abandoned.

The revival of the plan comes as Dangote Cement shares climb to near records as the Nigerian economy recovers from a downturn caused by the 2014 slump in oil prices. The economy of Africa’s most populous nation went into recession in 2016 as government revenue plunged. Nigerian stocks are up 11 percent this year in dollar terms, the sixth best performance globally according to data compiled by Bloomberg.

Aliko Dangote has a net worth of $13.5 billion, according to the Bloomberg Billionaires Index. His Dangote Industries Ltd. conglomerate has interests in sugar, flour and packaged food as well as controlling the cement company. The 60-year-old has repeatedly expressed a desire to bid for London’s Arsenal Football Club and is building a 650,000 barrel-a-day oil refinery near Lagos, which will cost more than $10 billion.

Dangote Cement shares rose 0.6 percent to 259.90 naira in Lagos as of 12:10 p.m. local time.

SOURCE: https://brandspurng.com/africas-richest-man-to-revive-dangote-cement-london-ipo/

30billion gang company.

And I made it. hot FM please play me i made it by frank Edward.


modified, upto now no payment for f.p has been given to me. ..... OGA SEUN reason me na....

Ok

African Richest, I hail thee

Ok.

I will soon beat Dangote and BillGate. Stay and watch.

Wen you have enuf money that money is neva your problem I wonder what else you will need.... I want to know how it feels like

I chased his daughter so tey I lost the battle!

Good one....

Abeg anybody wey understand wetin dem write for up there, make e explain to me... I don read am 3 times and I still no understand..




Hope no be say their trailers don jam person for London too??

GOD PLEASE PICK MY CALLS OOOOOOOOOOOOO

What money cannot do..... more money will do it

Hello ladies and gentlemen, pls i want you guys to join me in wishing all November born (past and those that wud be born this yr November) a happy birthday in advance. They are the products of February Shaku Shaku

I just like this man....humble, focussed, always aiming higher with a genuine love for his country.

the price of the cement is too cost.why can't we enjoy low price of made in naija cement. he's not encouraging people to build house easily

MuyiRano:
Hello ladies and gentlemen, pls i want you guys to join me in wishing all November born (past and those that wud be born this yr November) a happy birthday in advance. They are the products of February Shaku Shaku

lol. my mom told me specifically that I'm a product of Valentine's day. my b'day is Nov 5.
my parents were already married though.

Alhaji Dangote

Please, how much is the current dangote cement in Nigeria?

I didn't just understand one thing here, can someone interprete please

Humble Billionaire

nicee one though


check out this nairaland post here

https://www.nairaland.com/4352837/eight-top-causes-miscarriage-need

witch nor de dangote family or aboki nor de get witch

mcayomind:
What money cannot do..... more money will do it

so more money will bring back a dead man? you better give your life to christ

lordraiden:
Wen you have enuf money that money is neva your problem I wonder what else you will need.... I want to know how it feels like

Tenple your hustle

anochuko01:

lol. my mom told me specifically that I'm a product of Valentine's day. my b'day is Nov 5.

my parents were already married though.

pls I believe here is not home for the mad people or am I in a wrong place

Dangote should buy kogi and abia state biko