Dangote Cement scraps London listing, blames market conditions in blow to LSE
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Dangote Cement scrapped plans for a London listing following market volatility after the US midterm elections.
- ✓The company board met on Tuesday and decided to drop the move to focus on strategic priorities.
- ✓Shares remain listed on the NGX, and the firm said the decision does not affect its business plans.
Story at a Glance
- Category
- Indian Markets
- Reported By
- Reuters
- Reading Speed
- 2 Minute(s)
- Market Focus
- India Economy
The decision was due to the market volatility following the US midterm elections, but the company may revisit the plan to list in London when there's more stability, a person with knowledge of the situation said.
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Wall Street tumbled last week after the Democrats' midterm victory deepened concerns over whether the AI boom can last, with London's benchmark FTSE 100 also ending the week lower.
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 investors and capital.
Its board of directors, which met on Tuesday, made the decision to scrap the listing in light of current market conditions and the firm's strategic priorities, the company said.
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