March 1, 2019 / 1:58 PM / 7 months ago

UPDATE 1-Nigeria's Dangote Cement says London listing likely to be 2020

* Dangote Cement delays London secondary listing until next year

* Listing has been in the planning stage for years

* Company valued at $10.9 bln on Lagos bourse (Adds details, quotes)

By Chijioke Ohuocha

LAGOS, March 1 (Reuters) - Nigeria’s biggest listed firm Dangote Cement said on Friday it has been in talks with several banks over a long-planned secondary stock market listing in London which it now thinks likely to happen in 2020.

The cement company, owned by Africa’s richest man Aliko Dangote, said the banks had not yet been selected.

In October 2018, Dangote said the listing would go ahead this year after Nigerian elections, but couldn’t say when exactly. It said at the time that Bank of America Merrill Lynch and Standard Chartered could be among the banks to organise the listing.

The London listing has been in the works for over six years.

“The process is still under consideration. We have been in communication with a number of banks,” the company said.

“It’s more likely to be in 2020.”

On Wednesday, Dangote Cement posted an after-tax profit of 390 billion naira ($1.3 bln) for 2018, its highest ever, boosted by a 134 billion naira tax reversal, sending its shares listed on the Lagos bourse higher.

The company, which makes up around a third of market capitalisation on the Nigerian Stock Exchange, operates across 10 African countries with annual production capacity of about 45 million tonnes. It has been seeking to double that capacity. ($1 = 306.35 naira) (Reporting by Chijioke Ohuocha Editing by Edmund Blair and Elaine Hardcastle)

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