The group made a pitch to London investors in late September for a planned London Stock Exchange listing of the cement unit that is currently worth $13 billion on Nigeria’s stock market. The firm is hoping to raise up to $1 billion, according to a person familiar with the plans.
Cement had been Dangote’s flagship product for decades. The group is Africa’s largest producer, accounting for 13% of the continent’s annual cement output capacity. The unit, which operates in 11 African countries and doubled its post-tax profit to $730 million last year, has pursued a London listing for over a decade and now plans to see it through this year, in a push to add international investors to its shareholder base.