Dangote Cement Plc has suspended its planned secondary listing on the London Stock Exchange (LSE), putting on hold a move designed to attract more international investors.
The cement company announced the decision in a notice to the Nigerian Exchange Limited (NGX) and its stakeholders on Tuesday, after a meeting of its board of directors.
The board, along with the selling shareholder, Dangote Industries Limited (DIL), agreed to stop the proposed London listing and share offering for the time being.
Market conditions, strategic focus
While the company cited current market conditions and its focus on strategic goals as reasons for the decision, it did not share additional details about whether it plans to revisit the listing in the future or when that might occur.
The announcement comes months after Dangote Cement started exploring the possibility of a listing in London in May 2026.
At that time, the company believed such a move could widen its shareholder base, enhance its appeal to international investors, and strengthen its presence as a pan-African business.
No new capital planned
The proposed transaction was a secondary listing, meaning Dangote Cement intended to make its existing shares available to investors on another stock exchange while retaining its primary listing in Nigeria.
The company was not planning to raise new capital through the process. Instead, it was focused on allowing current shareholders to sell some of their shares to foreign investors. Dangote Industries Limited, which controls Dangote Cement, was expected to be involved in the share offering.
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Financial Times reported that the plan had already received approval from shareholders, and the company had brought on board financial advisers, including Citigroup, JPMorgan Chase, and Standard Bank, to assist with the transaction.
Operations unaffected
Despite the decision to suspend the London listing, Dangote Cement said it will not impact its operations or business strategies, and its shares will continue to be available on the Nigerian Exchange.
Dangote Cement is listed on the NGX and operates in several African markets. Its market value was recently reported at approximately N24.79 trillion ($18.42 billion) by Reuters.
The suspension comes at a time when the London market is struggling to attract significant new listings, with some companies reconsidering their presence there or pursuing other opportunities.
