Dangote Cement has put its proposed London Stock Exchange listing on hold, citing market conditions and its strategic priorities.
Company Secretary Edward Imoedemhe said in a regulatory notice following Tuesday’s board meeting that the company would not proceed with the transaction for now.
The company said its ordinary shares would remain listed on the Nigerian Exchange and that pausing the London transaction would not affect its operations or business plans.
It was to be a secondary listing, in addition to the company’s existing Nigerian listing.
The London listing proposal first emerged in May. In July, the company said the United Kingdom’s faster and more practical listing process had influenced its preference for London over Dubai.
Daily Post reported that the company had also announced a London Capital Markets Day in September as part of preparations for the proposed transaction.
The company has not announced a date for resuming the listing process.
Sources: Premium Times; Daily Post
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