Culled—Proshare

October 9, 2018

By Karin Strohecker of Reuters / PNL additional contents

Bank of America Merrill Lynch and Standard Chartered could be among the banks organising the 2019 London public listing of Dangote Cement, chairman and CEO Aliko Dangote said on Monday.

Asked who the bankers could be for the IPO, Nigerian businessman Dangote said “the usual ones…Bank of America Merrill Lynch, Standard Chartered.”

Speaking at the FT Africa summit, Dangote added the listing would go ahead in 2019 after the Nigerian elections, but he could not say when exactly.

Recall

Bloomberg had earlier reported in July that Dangote Cement might carry out its long-planned listing of shares in London after Nigerian elections early next year, as it considered expansion through takeovers.

“We are working on it and we’ll look at it in 2019. We have grown to this extent mostly via greenfield investments. To grow much more, we’d probably have to do it via acquisitions,” Edwin Devakumar, group executive director at Dangote Industries Limited, was quoted as saying in an interview in Lagos.

He said a number of banks had approached the company to arrange the IPO, though none had been mandated and there had been no decision about how much to raise.