Dangote Cement Plc, in a notice published on the Nigerian Stock Exchange (NSE) website, has hinted at the possibility of listing on a major stock exchange.
In the notice signed by its Managing Director, Joseph Makoju, the firm also stated that it was considering all strategic and financial options, “which may include a possible international listing of its shares”
LSE in sight?
Group Executive Director of Dangote Industries Limited Edwin Devakumar, in a recent interview, had disclosed that the company was considering listing on the London Stock Exchange (LSE) in 2019.
In April 2018, there were also media reports that the company could be listing on the LSE. Dangote Cement same month, announced the appointment of Cherie Blair and Mick Davies as Independent Non-Executive Directors.
A listing could mean the firm joining the likes of companies such as Seplat and Oando Plc, and enable the firm to raise more funds for a planned pan African expansion.
The company had recently raised N50 billion Series 1 and Series 2 Notes under its N150 billion commercial paper programme.
Dangote Cement Plc closed flat at N227 in today’s trading session on the Nigerian Stock Exchange. Year to date, the stock is down 1.30%.
The company was listed on the NSE in 2010 and is currently the biggest stock by market capitalization accounting for 28.3% of the NSE’s total market capitalization.
Results for the first quarter ended March 2018 show revenue increased from N208 billion in 2017 to N242 billion in 2018. Profit before tax increased from N77.3 billion in 2017 to N108 billion in 2018. Profit after tax also rose from N55.8 billion in 2017 to N72.1 billion in 2018.
