Africa's richest man Aliko Dangote has abandoned plans to list his cement empire in London this year, dealing another blow to the London Stock Exchange. In a statement to the Nigerian Stock Exchange, Dangote Cement announced the board's decision not to proceed with a UK listing "at this time" due to current market conditions. The company, with a Lagos market capitalization of $18.4 billion, had been exploring a secondary listing to add liquidity for existing shareholders rather than raise new capital.
The decision follows turbulent equity markets sparked by a recent AI rout. Several major banks, including Citigroup, JPMorgan Chase, and Standard Bank, had been advising on the move. The abandoned listing would have complemented the exits of high-profile firms like Flutter, CRH, and Ferguson from the London market.
Dangote Cement, Africa's biggest building materials producer operating across 11 countries, listed in Lagos in 2010. Dangote Industries remains the controlling shareholder. The company emphasized the decision does not affect its operations or business plans.
Source: Financial Times Companies · Summarized by HeadlinesBriefing