Dangote To KIck-Start Cement Firm London IPO After 2019 Election
By Olumidagreaton November 6, 2018
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Africa’s richest man, Aliko Dangote, said he is waiting for Nigeria’s forthcoming election in February 2019 and for a sell-off in emerging markets to pass before kick-starting an Initial Public Offering (IPO) of his cement company and subsequent listing on the London Stock Exchange (LSE).
Dangote said in an interview with Bloomberg that he expects the much-looking-forward to IPO of Dangote Cement Plc in London around September next year after the dust around the coming election would have settled.
He said works on his Petrol-chemical firm, based in Lagos is on track and fuel production projected to start by 2020.
He didn’t give details on how much he wants to raise or what percentage of the company he will sell.
About 15 percent of its stock is already listed in Lagos, where it has a market value of 3.5 trillion naira ($9.6 billion).
Dangote Cement is in talks about a potential acquisition of a company with operations in Kenya and Tanzania, he said in a separate interview with Bloomberg TV without saying the name of the firm.
Up and Running
The oil refinery, designed to process 650,000 barrels a day of crude, should start producing fuel in the first quarter of 2020 and be at full capacity within six months of that, he said.
“We’ll ramp up very quickly,” he said. “There are so many challenges but we are going very fast.”
Dangote is worth $11.1 billion, according to the Bloomberg Billionaires Index. As well as the refinery and cement, he’s investing billions of dollars in rice, sugar and dairy products and aims to buy oil and gas blocs in Nigeria’s Niger River delta.