Dangote Cement Plc, Nigeria’s largest listed company, says it is considering listing its shares on an international exchange.
The company in a notice published on the Nigerian Stock Exchange (NSE) website and signed by Joseph Makoju, Dangote Cement’s managing director, noted that the cement giant is considering all strategic and financial options, “which may include a possible international listing of its shares.”
The notice titled: “Clarification Re: Possible Corporate Action,” further stated that “at present no deciosn has been finalized on such a course of action.”
Media reports reveal that Edwin Devakumar, group executive director of Dangote Industries Limited had disclosed the company was considering listing on the London Stock Exchange (LSE) in 2019.
In April 2018, there were also reports that the company could be listing on the LSE, indicative of the cement firm’s move to raise more funds for a planned pan African expansion, joining the likes of Nigerian companies like Seplat and Oando Plc, with international listings.
The company had recently raised N50 billion Series 1 and Series 2 Notes under its N150 billion commercial paper programme.
Dangote Cement Plc is currently the biggest stock by market capitalization, accounting for 28.3 percent 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.
The company’s share price as at reporting date amounts to N225 per share.
Frontpage September 21, 2018