Dangote Cement Plc has unveiled plans to launch a cement plant in Kenya by 2020. Two companies have been registered in the East African country namely Dangote Cement Kenya Limited and Dangote Quarries Kenya Limited. 90% of the shares of the two companies are held by Dangote Cement and the rest by domestic investors.
Part of a larger expansion plan
This marks the company’s third operation in East Africa. The company opened cement plants in Ethiopia in 2015 and Tanzania in this year. The expansion also forms part of a larger plan to increase the company’s production capacity from 45 million tonnes per annum to 80 million tonnes per annum.
President of the Dangote Group, Aliko Dangote had recently indicated interest in acquiring South Africa’s PPC cement company, before pulling out due to high valuations.
Dangote Cement is currently trading at N245.02 in today’s trading session on the NSE. Year to date the shares are up over 40%.
About Dangote Cement
Dangote Cement was incorporated in 1992, and began operations in 2007 as Obajana Cement. The name was changed on the 14th of July 2010 to Dangote Cement Plc. The company listed on the NSE in October 2010 and is the biggest by market capitalization.