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Nigeria news: Dangote Cement trades 100 Million Shares

Dangote Cement, Nigeria’s biggest manufacturer of the building material, will begin trading on the Nigerian Stock Exchange on Oct. 26, said Afrinvest (West Africa) Ltd., which is handling the sale of the company’s stock.

The company will sell 100 million shares “or such further volume as the market may demand” at 135 naira each and these will be traded on the Lagos-based bourse on the same day, Afrinvest said in a statement in the Punch newspaper today.

The listing will be by introduction and won’t involve the sale of new shares, it said.

The Nigerian Stock Exchange last month said it approved a 22.09 trillion-naira ($14 billion) listing of Dangote shares, which will increase the bourse’s market value by 37 percent.

A total of 15.5 billion shares for the company will be listed at 135 naira each, the exchange said.

“We intend to put all our cement assets in one entity,” Chief Operating Officer Kunle Alake said in an interview on Johannesburg-based CNBC Africa today.

“That is what we have done with Dangote Cement.”

The Nigerian Stock Exchange suspended trade in Benue Cement Plc’s shares after a court sanctioned its merger with Dangote Cement on Oct. 11.