The President of Dangote Group announced this during a media briefing at the Dangote Refinery.
The decision to list the two subsidiaries comes as the conglomerate aims to expand its investor base and unlock additional value for shareholders.
What Dangote said:
“Because of the nature of the business we have, both the refinery and the fertilizer, we are targeting end of this year but it depends, most likely, worst case we will be able to list them before the end of first quarter of next year, so that we will sell shares and Nigerians will buy,” Dangote stated.
Last year, in an interview with the Financial Times, Aliko Dangote announced the intention to publicly list his Dangote Petroleum Refinery on the Nigerian Exchange Limited.
Earlier in May, he announced the refinery’s plans to pursue a dual listing on both the London and Lagos stock exchanges.
Devakumar Edwin, the Dangote refinery executive, told Reuters that the Nigerian Stock Exchange alone would not be able to handle the refinery exclusively giving way to the London listing.
In February, Umaru Kwairanga, Chairman of the Nigerian Exchange Group, also confirmed that Dangote Industries plans to list its refinery and fertilizer companies.
The refinery was recently ranked above Europe’s 10 largest refining facilities. The $20.5 billion facility has a processing capacity of 650,000 barrels per day.
Early this year, Dangote Cement, a subsidiary of Dangote Industries Limited, surpassed the N10 trillion market cap, becoming the first Nigerian company to achieve this milestone.
Source: TRADE FINANCE
