Dangote Cement Plc seeks to raise $500 million via the issue of a Eurobond.
The Chief Executive Officer of the company, Mr. Joseph Makoju, explained that Dangote Cement was investing heavily in expansion, with $350 million earmarked for capital projects
this year.
The investment, he said, included the building of export facilities at Nigeria’s seaports to boost shipments to neighbouring West African countries.
In the same vein, he said by the move, the economy of Africa’s biggest crude producer was set to grow this year, after falling into recession amid low oil prices in 2016.
On Monday, Lagos-based Dangote Cement hired former Xstrata Plc Chief Executive Officer, Mick Davis, as a non-executive director, alongside Cherie Blair, a lawyer and the wife of ex-United Kingdom Prime Minister,
Tony Blair.
The high-profile appointments were widely seen as a prelude to a listing in London, after the cement maker previously mulled a share sale in the UK capital in 2010.
The company has approached investment banks about arranging the IPO, people familiar with the matter said in
February.
The share sale could raise about $1 billion, they said, adding that the cement maker was more likely to raise that much cash in London than Lagos, due to the deeper pool of
investors.
