Dangote Cement Plans To List On London, Johannesburg Stock Exchanges

Africa’s richest billionaire, Aliko Dangote is consolidating his cement businesses across Africa into one company that will have the scale and resources to compete globally, he told reporters in Tanzania, according to the DailyTrust.

Dangote said plans to do a listing on London and Johannesburg stock exchanges in the near future. “Our intention is to consolidate our cement assets,” he said at a press conference announcing a $600-million cement plant in Tanzania. The plant is one of the 18 Dangote is building across Africa and Nepal, DailyTrust reports.

Dangote Cement listed on the Nigerian Stock Exchange in October 2010, and it’s now the largest listed company in Nigeria and West Africa, Dangote told reporters. “That was part of our strategy,” he said. “We plan to do a listing in London and Johannesburg in the near future.”

In August, Dangote cement signed a deal valued at $4.34 billion with the Chinese government to build 10 new cement plants across Africa, and one in Nepal. The new projects will have a combined capacity of 25 million metric tonnes per year. By the time they’re completed, Dangote Cement will be capable of producing 81 million metric tonnes of cement per year, Dangote said.

“This will make us one of the largest cement companies in the world,” Dangote said.

Dangote is featured in numerous Forbes-list rankings including No. 67 on a list of the World’s Billionaires in 2015, No. 1 of Africa’s 50 Richest and No. 68 on a list of Powerful People in 2014.

Dangote made his fortune is cement, sugar and flour. He got his start trading commodities more than 30 years ago with a loan from an uncle, Forbes reported. Months before oil prices started plunging in April 2014, Dangote announced $9 billion in financing from a consortium of local and international lenders to build a private oil refinery and fertilizer and petrochemical complex in Nigeria.

In August 2014 he said he would invest $1 billion in commercial rice farming and modern rice mills. His net worth dropped from a reported $25 billion in February 2014 as a result of a weaker Nigerian currency and a drop in demand for cement, according to Forbes.

Dangote has cement projects planned or operating in Cameroon, Congo Brazzaville, Ethiopia, Ghana, Ivory Coast, Liberia, Nigeria, Senegal, Sierra Leone, South Africa, Tanzania, Zambia, Zimbabwe. More are planned, he said.

AFKInsider

Nigeria, Ghana seal integrated trade in W/Africa

The West African Capital Markets Integration Council (WACMIC) has successfully completed its first direct trade between two West African countries under phase one of its integration programme to promote trade across member countries.

United Capital Plc of Nigeria and CAL Brokers of Ghana execute first trade under West African Capital Market Integration Programme.
The landmark trade was between United Capital Securities and CAL Brokers, enabled by the Nigerian Stock Exchange (NSE) and Ghana Stock Exchange (GSE).
WACMIC was established to harmonize a regulatory environment for the issuance and trading of securities across the West-African sub region.
The successful implementation of Phase 1 through the Nigerian capital market will allow brokers not registered in the Nigerian capital market, remote access to the trading facility of the Nigerian Stock Exchange through a local sponsoring dealing member firm licensed by NSE.
Brokers in WACMI member countries can now trade on behalf of their clients and settle securities in Nigeria through local sponsoring brokers.

Other West African stock exchanges such as Bourse Regionale des Valeurs Mobilieres SA are expected to initiate similar deals which could be worth an additional USD $2 million a day in capital market liquidity to the Nigeria market.
Commenting on the development, Chairman, West African Capital Market Integration Council (WACMIC) Edoh Kossi Amenounve said, “The council is proud to see the realization of this important target for regional integration’’.
In his own, Chief Executive Officer of the Nigerian Stock Exchange, Oscar Onyema said “This inaugural trade affirms our commitment to regional integration and highlights the NSE’s resolve to partner with relevant bodies that will provide our various stakeholders’ with platforms that will make them globally competitive.

DailyTrust