- Dangote Cement has reportedly added Goldman Sachs and UBS to its proposed London offering.
- Existing shareholders could sell approximately 10% of the company for about $1 billion.
- The secondary listing could take place as early as November, alongside its existing Lagos listing.
- The transaction remains a reported plan, with final terms and timing unconfirmed.
The company, controlled by Nigerian billionaire Aliko Dangote, is preparing a secondary listing that could take place as early as November, according to reports published on 15 October
The proposed transaction would involve existing shareholders selling approximately 10% of the company, rather than Dangote Cementissuing new shares
The structure determines how the proceeds will be used. Under the reported arrangement, the money would go to selling shareholders rather than directly funding the cement producer’s factories or expansion plans
Dangote Cement’s shares already trade on the Nigerian Exchange. A London listing would provide another market for investors to buy and sell an interest in the same business
According to Bloomberg’s reporting from people familiar with the preparations, Goldman Sachs and UBS have been appointed as bookrunners to help arrange the offering. The proposed size and November timetable remain subject to the transaction proceeding
The banking appointments represent a further step in a listing that Dangote Cement has discussed for years
The company had already selected London over other international listing venues, with a potential sale of around 10% of its shares under consideration
The latest reporting adds prospective banking arrangements and a revised timetable. It does not mean the shares have been sold or that a November debut is guaranteed
Bookrunners help structure an offering, approach investors and build demand for the shares. Their appointment can advance preparations, but completion still depends on the final terms, regulatory requirements and market conditions
Dangote Cement operates across 11 African countries, with annual production capacity of approximately 55 million tonnes, according to its investor materials
Its business combines limestone extraction, cement manufacturing and distribution, giving investors exposure to construction demand across several markets rather than Nigeria alone
A secondary listing could broaden its international shareholder base and improve visibility among investment funds that trade through London
However, the company would remain exposed to the underlying economics of cement production, including energy costs, transport expenses, currency movements and demand for housing and infrastructure
The proposed sale is separate fromDangote Petroleum Refinery’s public offering, which concerns another company within the group. Investors would be buying into different businesses with distinct assets, earnings and risks