Dangote Cement Plc, Africa’s biggest producer of the material by capacity that listed in Nigeria today, will sell as much as $3.5 billion in shares in public offerings over two years, Afrinvest (West Africa) Ltd. said.
Dangote will sell 25 percent of its stock in total and the Nigerian Stock Exchange has given approval for the quantity of shares to be sold over 24 months, Afrinvest Managing DirectorGodwin Obaseki told reporters in Lagos today.
Dangote listed 15.5 billion ordinary shares at 135 naira each today, giving the company a market value of 2.09 trillion naira ($13.8 billion) and making it the biggest on the West African nation’s bourse, overtaking Nigeria Breweries Plc.
All demand for stock, including an initial 100 million on sale today, was met at 135 naira, Obaseki said. Trading took place for five minutes before the exchange closed at 1 p.m. in Lagos, with 196 million shares changing hands, according to data compiled by Bloomberg. Afrinvest introduced the shares to the West African nation’s bourse.
Dangote Cement’s share sale would be the biggest in Africa, surpassing the $903 million raised by Maroc Telecom in 2004 and $812 million by Safaricom Ltd., a Kenyan mobile-network operator, in 2008, according to data compiled by Bloomberg. The company plans to raise capacity more than fivefold by 2015 to 46.2 million tons through investment in other African countries and Nigeria as the continent’s nations build roads, houses, bridges and railways, creating demand for the building material. Dangote has $2 billion to raise capacity, Chairman Aliko Dangote said in a recorded interview broadcast on CNBC Africa today.
Read more: Bloomberg