Dangote to list on London Stock Exchange – report

Nigeria-based cement producer Dangote Cement has mandated JP Morgan and Morgan Stanley to handle its London listing, according to a report in the Financial Times.

Dangote Cement intends to float its stock on the London Stock Exchange in 2013 hoping to have made significant progress in its business expansion by next year, the paper reported.

Dangote eyes a free float of 20 per cent and plans to use the proceeds to fund its swift business growth.

The FT also cited Dangote Cement’s chairman Aliko Dangote as saying the company would bow to the UK's stringent corporate governance requirements for a primary listing and that he would vacate his current post.

Dangote Cement is currently expanding its domestic cement operations as well as constructing a number of projects across the African continent. Through a number of nationwide projects, either in progress or under planning, the company is targeting a minimum total regional capacity of over 50Mt by the second half of 2014.