Aliko Dangote, the billionaire founder of Dangote Cement, has announced plans to list his cement empire on the London Stock Exchange. The move is expected to see the company's valuation reach $13bn, making it one of the largest listings in the UK this year. According to Dangote, rule changes introduced by the UK government have made the listing more attractive.
The rule changes, which include the introduction of a 'simpler and more attractive' listing regime, aim to encourage foreign companies to list in the UK. Dangote Cement, which is headquartered in Nigeria, is already listed on the Nigerian Stock Exchange and the Johannesburg Stock Exchange.
Analysts have welcomed the move, citing the potential benefits for UK investors. 'This listing will provide UK investors with access to a high-quality company with a strong track record of growth,' said one analyst. 'We expect the listing to be well-received by investors.'
The listing is expected to take place in the coming months, subject to regulatory approval. It is understood that Dangote Cement has already engaged with UK investment banks to advise on the listing.
Dangote Cement is one of the largest cement producers in Africa, with operations in 10 countries. The company has a strong track record of growth, with revenue increasing by 20% in the past year.