Dangote Cement Plans listing In London Stock Exchange

Africa’s richest man Aliko Dangote plans to list his $11 billion cement business, Dangote Cement, on the London Stock Exchange next year, according  to reports on Monday.

Dangote is cited by our correspondent as saying he intends to free-float a 20 percent stake in Dangote Cement to finance its rapid expansion.

“We want to list in London next year. By then the upside to our business will be much bigger than today,” Dangote is quoted as saying.

Morgan Stanley and JPMorgan have been appointed as co-leads for the London share issue.

Dangote is cited as saying the company was on track to meet the corporate governance requirements for a premium listing, and that he would give up his current role as chairman subsidiaries that RBC reported as “block” trades on electronic futures trading platform, OneChicago.

The regulator said that the trades were not negotiated “at arm’s length between the counter parties to the trades, as required by law”, but designed and controlled by a small group of senior RBC staff.

RBC said it would contest the charges in court.