Nigerian cement manufacturer Dangote Cement Plc has suspended plans to list shares in London after the market crash. This is reported in the press release of Dangote Cement.
The Dangote Cement board has decided that it will not conduct a listing "taking into account current market conditions and the company's strategic priorities." The collapse of the market amid the prospects of higher interest rates put pressure on the shares of issuers, sharply reducing demand for shares.
Earlier, Dangote Cement attracted Goldman Sachs Group Inc. and UBS Group AG as bookrunners for listing in November 2026, raising $1 billion through the secondary sale of shares on the London Stock Exchange.
The company's owners planned to sell 10% of the business, majority owned by Nigerian billionaire Aliko Dangote.
Dangote Cement is one of the largest cement producers in Africa. The company is engaged in the production, sale and distribution of cement in the structure of the Dangote Group with a capacity of 55 million tons of cement per year. It is headquartered in Lagos, Nigeria, with businesses in 10 countries, including Nigeria, Ethiopia, Tanzania, and Senegal.
Dangote Group is a Nigerian diversified industrial conglomerate headquartered in Lagos, Nigeria. The company is engaged in the production of cement and sugar (Dangote Sugar Refinery Plc), as well as oil and petrochemicals. Dangote Group is owned by Nigerian billionaire Aliko Mohammad Dangote.
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