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Nigerian cement giant Dangote Cement has announced its intention to list on the London Stock Exchange (LSE) in 2013
Dangote Group chairman Alhaji Aliko Dangote told the UK Financial Times that the company planned to float a 20 per cent stake in Dangote Cement to finance its rapid expansion.
“We want to list in London next year. By then the upside to our business will be much bigger than today,” said Dangote.
Morgan Stanley and JPMorgan have been appointed as co-leads for the London share issue, with Dangote announcing that he would also stand down from his current role as chairman.
In October 2010, following a merger with fellow Nigerian company Benue Cement, the manufacturer listed 100 million shares on the NSE increasing the firm’s value to US$14 billion.
Dangote Cement has plans in place to add 11.1 million tonnes to its cement manufacturing capacity by the end of the year as part of its focus on making Nigeria a net exporter of cement.
The company recorded revenues of NGN 203 billion (US$1.28 billion) in 2010 and its latest financial results for the first nine months of 2011 demonstrated revenue growth of more than 18.5 per cent.