Nigerian Stock Exchange Says It's Considering Listing by Dangote Cement

Nigeria’s stock exchange said it’s considering an application to list by Dangote Cement, the country’s biggest manufacturer of the building material.

The quotation committee of the Nigerian Stock Exchange met today to “vet the application and take a decision,” Sola Oni, a spokesman for the bourse, said in a phone interview today from Lagos, the commercial capital. “After the meeting, we will know whether the application is approved.”

A listing by Dangote, valued at 2.13 trillion naira ($14.1 billion), may boost the exchange’s market capitalization by a third to about 8 trillion naira, BusinessDay, a Lagos-based newspaper, reported yesterday. The company is owned by billionaire Aliko Dangote.

The listing of Dangote Cement will involve a merger with Benue Cement Co., in which Dangote Group is the majority shareholder, Benue Cement said in a statement today in the ThisDay newspaper. Shareholders of Benue will meet on Sept. 28 to consider a proposed swap of shares in BCC for stock in Dangote Cement, it said. BCC will be delisted after Dangote Cement begins trading, BusinessDay said yesterday.

Among the resolutions to be considered and passed by Dangote shareholders is the ratio of shares to be swapped for Benue Cement shares, it said.

To contact the reporter on this story: Vincent Nwanma in Lagos at vnwanma@bloomberg.net.

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