Dangote Cement Plc has paused plans for a London share listing and related offering, keeping its shares listed in Nigeria as the company cites market conditions and strategic priorities.
A Nov. 10 filing to Nigerian Exchange Limited (NGX), signed by Company Secretary Edward Imoedemhe, said the company and selling shareholder Dangote Industries Limited would not proceed with the proposed transaction for now. The board cited “current market conditions” and the company’s “strategic priorities.”
The filing did not identify the conditions behind the pause or say when the proposal might be reconsidered. Dangote Cement said the decision leaves its NGX listing, operations and business plans unchanged.
At its July 2 annual general meeting, shareholders approved a resolution authorizing the company to consider a secondary listing on the London Stock Exchange or another recognized international securities exchange. The resolution also covered a possible offer for sale by the majority shareholder, subject to regulatory approvals, and authorized the board to take steps to carry out the transactions.
The Nov. 10 filing set no timetable for reconsidering the proposal.
