Dual Listing: Dangote Cement Lines Up KSh 129.94B ($1B) London Share Sale, Bloomberg ReportsDual Listing: Dangote Cement Lines Up KSh 129.94B ($1B) London Share Sale, Bloomberg Reports
Key Highlights
- Dangote Cement is preparing a secondary sale of about 10% of its shares worth roughly KSh 129.94B ($1B), with a London listing as early as November, Bloomberg reports.
- Investor meetings are due to begin on 27 October in London, South Africa and Dubai, and the sale depends on market conditions, according to the report.
- The plan follows a July shareholder approval of a secondary listing, while the Dangote refinery separately raises about KSh 207.90B ($1.6B) in a Lagos share offer.
Dangote Cement is preparing a secondary sale of about 10% of its shares, worth roughly KSh 129.94B ($1B), with a London listing as early as November, according to a Bloomberg report citing people familiar with the matter.
The move would give Africa's largest cement producer a second trading venue alongside the Nigerian Exchange, where it has been listed since 2010. Mwenendo has not independently confirmed the report, which rests on unnamed sources; Dangote Cement and the banks involved declined to comment.
What the report says about the sale
A secondary sale means existing shareholders sell shares rather than the company issuing new ones. The report does not name the sellers. Timing depends on market conditions, and the company had first targeted September.
Investor meetings are due to start on 27 October in London, South Africa and Dubai. Goldman Sachs and UBS are reported as bookrunners alongside First Abu Dhabi Bank and Emirates NBD, with Citigroup, JPMorgan and Standard Bank as global coordinators.
Shareholders approved the secondary listing at the company's July annual general meeting in Lagos, and a London capital markets day followed on 21 September. Aliko Dangote told the Financial Times in May that London had become more attractive after it lowered minimum listing requirements, and that the company wants a dual listing.
Who owns what
Nairametrics calculated that Dangote holds about 86% of the company, a stake worth about KSh 1.52T ($11.7B) at the end of September. Forbes puts his total fortune at KSh 6.72T ($51.7B). The report does not say who would sell the shares, so the effect on his holding is unknown.
Dangote Cement operates in 11 African countries with installed capacity above 55 million tonnes a year and is targeting 100 million tonnes by 2030.
Results and the second capital raise
The company's first-half 2026 revenue rose 21.4% to KSh 244.29B ($1.88B), and profit after tax rose 22.7% to KSh 62.31B ($479.5M). Earnings before interest, tax, depreciation and amortisation rose 25.8% to KSh 116.11B ($893.6M).
The cement sale lands in the same weeks as a separate offer by the Dangote refinery, which is selling 4.1 billion shares in Lagos to raise about KSh 207.90B ($1.6B). That offer closes on 27 October, the day the cement roadshow starts. The refinery sold KSh 97.46B ($750M) of eurobonds in July.
As Mwenendo earlier reported, Dangote offered East African governments a 30% stake in the planned Lamu refinery, a project priced at KSh 2.08T ($16B) and part of a wider push to bring in outside capital. Mwenendo also profiled how Dangote's fortune leads Africa's billionaire list.
Why it matters beyond Lagos
Management says a London listing would give the business a global valuation benchmark. For African companies weighing overseas listings, the outcome will show whether international investors will price a Lagos-based industrial group in London. Investors will watch the pricing and the size of any discount to the Lagos share price once terms are set.
The company first explored a London listing in 2011 and again in 2018, when it added Cherie Blair and Mick Davis to its board, but shelved it over UK listing requirements and a focus on the Lagos refinery. Until a prospectus is published, the size, timing and sellers remain unconfirmed.
In Summary
- Who is selling shares?
- The report does not name the sellers; Dangote Cement and its banks declined to comment.
- What is planned?
- A secondary sale of about 10% of Dangote Cement shares, worth roughly KSh 129.94B ($1B), with a London listing.
- When could it happen?
- As soon as November; investor meetings begin on 27 October, subject to market conditions.
- Where will the shares trade?
- London, alongside the existing listing on the Nigerian Exchange in Lagos.
- Why list in London?
- Management says it would widen the investor base and give a global valuation benchmark.
- How is it being organised?
- Goldman Sachs, UBS, First Abu Dhabi Bank and Emirates NBD are reported as bookrunners, per Bloomberg.
