LONDON, Nov 10 – Dangote Cement is advancing preparations for a proposed secondary listing on the London Stock Exchange, alongside a potential $1 billion share sale, as the Nigerian cement producer seeks to broaden its international investor base and expand access to global capital markets.
Aliko Dangote, president and chief executive of Dangote Industries Limited, met with Anthony Gutman, co-chief executive of Goldman Sachs International, in London as part of investor engagement surrounding the proposed transaction.
The discussions form part of a broader outreach effort aimed at attracting international institutional investors and increasing the global visibility of African businesses.
According to reports published on October 15, Dangote Cement, which is controlled by Nigerian billionaire Aliko Dangote, is preparing for a secondary listing that could take place as early as November. The proposed transaction would involve existing shareholders selling approximately 10% of the company’s shares, with the offering expected to raise about $1 billion.
The structure is significant because the proposed sale would not involve the issuance of new shares by Dangote Cement. Instead, proceeds would go to shareholders selling their holdings rather than directly to the company to finance factory investments, production expansion or other corporate projects.
Goldman Sachs and UBS appointed as bookrunners
According to Bloomberg, citing people familiar with the preparations, Goldman Sachs and UBS have been appointed as bookrunners to help arrange the offering.
The proposed transaction size and November timetable remain subject to the offering proceeding. The company has not disclosed further details on the final structure or allocation of the shares.
Dangote Cement is already listed on the Nigerian Exchange. A secondary listing in London would provide an additional trading venue for investors seeking exposure to the same underlying business, potentially widening access to international funds and institutional investors operating through the UK market.
Unlike a primary share issuance, which raises new capital for the company, the proposed secondary offering would provide liquidity to existing shareholders while introducing the shares to a broader international investor base.
African operations underpin international investor proposition
Dangote Cement operates across 11 African countries, with annual production capacity of approximately 55 million tonnes, according to its investor materials.
Its vertically integrated business spans limestone extraction, cement manufacturing and distribution, providing exposure to construction and infrastructure demand across multiple African markets.
A London listing could increase the company’s visibility among international investment funds, broaden its shareholder base and provide another channel for trading its equity.
The proposed transaction also reflects the growing efforts of large African companies to access international capital markets and attract investors beyond their domestic exchanges.
