Nigeria’s Dangote Cement\u00a0scrapped plans for a secondary London \u200bStock Exchange listing on Tuesday, citing market conditions, in a \u200csetback for the UK bourse, which has struggled to attract major new issuers.<\/p>\n
The decision was due to the market volatility following the US midterm elections, but the company \u200bmay revisit the plan to list in London when there’s \u200bmore stability, a person with knowledge of the situation said.<\/p>\n
Wall \u2060Street tumbled last week after the Democrats’ midterm victory deepened concerns over \u200bwhether the AI boom can last, with London’s benchmark FTSE 100 also \u200bending the week lower.<\/p>\n
Dangote Cement in May had disclosed it was in early talks over a potential London listing, a move that would have widened its access to overseas \u200binvestors and capital.<\/p>\n
Its board of directors, which met on Tuesday, made the \u200bdecision to scrap the listing in light of current market conditions and the firm’s \u200cstrategic \u2060priorities, the company said.<\/p>\n
London has seen a growing number of companies either abandoning the bourse or getting bought out by larger rivals or private equity firms, while the IPO market has remained subdued.<\/p>\n
African mobile money service Airtel \u200bMoney, which made its \u200bLondon debut \u2060last month, has largely traded around its IPO price of \u00a31.96 since its listing.<\/p>\n
Dangote Cement is part of the sprawling business \u200bempire of Nigerian billionaire Aliko Dangote, who launched Africa’s biggest-ever \u200bshare \u2060sale in September with the IPO of his oil refinery on Nigeria’s main stock exchange.<\/p>\n
The company, whose market valuation currently stands at 24.79 trillion naira ($18.42 \u2060billion), said \u200bits shares remain listed on the NGX \u200band that the decision does not affect its operations or business plans.<\/p>\n","protected":false},"excerpt":{"rendered":"
Nigeria’s Dangote Cement\u00a0scrapped plans for a secondary London \u200bStock Exchange listing on Tuesday, citing market conditions, in a \u200csetback for the UK bourse, which has struggled to attract major new issuers.<\/p>\n","protected":false},"author":6,"featured_media":22556,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"iawp_total_views":4,"jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard","override":[{"template":"1","parallax":"1","fullscreen":"1","layout":"right-sidebar","sidebar":"default-sidebar","second_sidebar":"default-sidebar","sticky_sidebar":"1","share_position":"top","share_float_style":"share-monocrhome","show_featured":"1","show_post_meta":"1","show_post_author_image":"1","show_post_date":"1","post_date_format":"default","post_date_format_custom":"Y\/m\/d","show_post_reading_time":"0","post_reading_time_wpm":"300","post_calculate_word_method":"str_word_count","show_zoom_button":"0","zoom_button_out_step":"2","zoom_button_in_step":"3","show_post_tag":"1","show_comment_section":"1","number_popup_post":"1","show_post_related":"1","show_inline_post_related":"1"}],"image_override":[{"single_post_thumbnail_size":"crop-500","single_post_gallery_size":"crop-500"}],"trending_post_position":"meta","trending_post_label":"Trending","sponsored_post_label":"Sponsored by","disable_ad":"0","source_name":"Qiraat Africa","subtitle":""},"jnews_primary_category":[],"jnews_social_meta":[],"jnews_override_counter":{"view_counter_number":"0","share_counter_number":"0","like_counter_number":"0","dislike_counter_number":"0"},"footnotes":""},"categories":[32,2362,27],"tags":[3053,5613,175],"class_list":["post-22555","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-featured","category-west-africa","tag-dangote-cement","tag-london-stock-exchange","tag-nigeria"],"_links":{"self":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/22555","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/comments?post=22555"}],"version-history":[{"count":1,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/22555\/revisions"}],"predecessor-version":[{"id":22557,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/posts\/22555\/revisions\/22557"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media\/22556"}],"wp:attachment":[{"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/media?parent=22555"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/categories?post=22555"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/qiraatafrican.com\/en\/wp-json\/wp\/v2\/tags?post=22555"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}