Seplat Confirms Interest In British Oil Producer Afren

Seplat-logoSeplat Petroleum Development Co Plc confirmed that it was interested in British oil producer Afren Plc. Seplat said it could not provide more details as the approach was preliminary.

Afren first disclosed in December that the Nigerian oil and gas explorer had made a bid to acquire it.

Seplat has until Jan. 19 to make a firm offer.

Afren’s shares were down slightly at 39.30 pence at 1235 GMT on the London Stock Exchange.

Zenith Bank In $850M London Listing

Zenith Bank listed $850 million worth of its ordinary shares on the London Stock Exchange as global depository receipts at $6.80, the bank said on Thursday.

One GDR represents 50 ordinary shares, the bank said, adding that JP Morgan is the depository bank, while Citi is the custodian.

“The GDR will allow us to raise money cheaply in the future,” Zenith chief executive, Godwin Emefiele, told CNBC Africa television, at the listing.

Zenith Bank To List $850 Million Shares On London Stock Exchange

Zenith Bank PLC expects the approval of British authorities for it to list up to $850 million of its shares later this month on the London Stock Exchange (LSE) as global depository receipts, a banker close to the deal said on Tuesday.

The London Stock Exchange said last week it expected an increase in new listings from African companies this year as businesses in the continent’s fast-growing economies seek to attract foreign investors.

Zenith said in October the secondary listing was aimed at improving liquidity in its stock rather than raising capital.

Zenith has all necessary approvals from Nigerian authorities to go ahead with the listing, the banker said, adding that the deal will enable foreigners who prefer to hold dollar assets to invest in the bank.

“Investors can only switch a maximum of $850 million worth of local shares into the GDR programme,” the banker said, adding that the GDR price will be based on the naira exchange rate and the local share price of Zenith Bank.

“Hopefully, it will be listed within two weeks,” the banker said.

Zenith Bank has a primary listing in Nigeria with a market capitalisation of N674.7 billion ($4.3 billion), based on Tuesday’s close of N21.49 per share.

One GDR will represent 50 ordinary shares, the bank said.

JP Morgan is acting as the depository bank, while Citi Bank will act as the custodian.

The LSE is already home to 96 companies whose main operations are in Sub-Saharan Africa, including 23 which have shares listed on its main market.

With this listing, Zenith Bank is expected to join three other Nigerian lenders with GDRs trading in London — Guaranty Trust Bank, Diamond Bank and First Bank.

Zenith Bank appoints JP Morgan to facilitate LSE listing

Zenith Bank has appointed JP Morgan to facilitate a secondary listing of its shares on the London Stock Exchange, the lender said on Wednesday.

Zenith Bank CEO/Managing Director, Godwin Emefiele

The listing is planned to be through a Global Depository Receipt (GDR), a tool used to facilitate investments and trading in the shares of companies from emerging markets.

Zenith said it will seek shareholders’ approval for the listing on Nov. 21 and that one GDR will represent 50 ordinary shares in the local bank.

Zenith already has a primary listing in Nigeria and has a market capitalisation of $3.6 billion.

The deal is subject to regulatory approval, the bank said, adding that it wanted to improve liquidity for its shares with the transaction and not to raise capital.

“Listing on the LSE creates new opportunities for increasing … liquidity in our securities … and diversification of our investor base,” Managing Director of the bank, Godwin Emefiele said in a statement.

Zenith Bank joins the league of four other Nigerian lenders — Guaranty Trust Bank, Diamond Bank, UBA and First Bank — with GDRs trading in London or New York.

Dangote aims $40 billion listing on London Stock Exchange

The Chairman of Dangote Cement, Aliko Dangote has revealed that he is targeting a market capitalisation of $35-40 billion for the cement company, when he lists it on the London Stock Exchange next year.

Aliko Dangote, President and Chief Executive of Nigeria's Dangote Group speaks during the final session of the World Economic Forum on Africa meeting in Cape Town June 6, 2008.

The money will be used to pay off investors including himself, he revealed in an interview on Wednesday.

“It depends on the market, but it should be something like $35 to $40 billion dollars. We are targeting something like that,” Dangote said of the secondary listing in London that is planned for late next year.

Dangote cement as at the end of 2011, was the most capitalised company on Nigerian Stock Exchange at N1.716 trillion.

Mr Dangote also revealed that Dangote Cement had raised its capacity target to 60 million tonnes a year by 2015 from a previous 50 million tonne target.

The business mogul, who was recently named the richest man in Africa, owns a cement empire stretching from Senegal to South Africa.

He commissioned the largest cement plant in Africa on Monday, located in Obajana, Kogi state, with a production capacity estimated at 20 million tonnes per annum.

Dangote cement to list on London Stock Exchange in 2013

Nigeria’s highest capitalised stock Dangote Cement PLC plans to list on the London Stock Exchange (LSE) next year.

Chairman of the Dangote group Aliko Dangote says he intends to free- float a 20 percent stake in the $11 billion cement company to finance its rapid expansion in 2013 and beyond.

Morgan Stanley and JPMorgan have been appointed as co-leads for the London share issue.

The company is working to meet the corporate governance requirements for a premium listing.