Dangote Cement Scraps London Stock Exchange Listing Plans

Dangote Cement scrapped plans for a secondary listing on the London Stock Exchange on Tuesday, citing strategic priorities and unfavorable market conditions. The company's board of directors attributed the decision to volatility following the U.S. midterm elections, which triggered declines on Wall Street and London's FTSE 100.

Valued at 24.79 trillion naira ($18.42 billion), the company remains listed on the Nigerian Exchange. Management stated that the decision does not impact its business operations and indicated that it may revisit the London listing once market stability returns.

The move represents a setback for the London Stock Exchange, which has struggled to attract major new issuers amid a subdued IPO market and a broader trend of companies abandoning the bourse.