Dangote Cement Plc (DANGCEM), Africa’s biggest producer of the building material, hired Onne van der Weijde as chief executive officer, its outgoing CEO said.
Van der Weijde will take over the role from Feb. 1, Devakumar Edwin told Bloomberg News. The transition comes at a time when some of Dangote Industries Ltd’s large capital expenditure projects including a petroleum refinery, a petrochemicals complex and fertiliser plant, are now under way, Edwin said.
Dangote Cement, Nigeria’s largest company, could benefit from a predicted rise in cement prices in the country. Projects,
The management change may also help pave the way for a London listing of Dangote Cement. Aliko Dangote, chairman of Dangote Group, said in 2013 that the company will probably list shares in London in the fourth quarter of 2014 or first three months of 2015. The share sale would dilute Dangote Industries Ltd.’s ownership in Dangote Cement to about 70% to 75%.
Dangote Cement has fallen 33% in the past year, compared with a 29% decline in the benchmark Nigerian Stock Exchange All Share Index (NGSEINDX) over the same period.
By Aaron Kirchfeld, Chris Kay and Ruth David
http://www.bloomberg.com/news/2015-01-24/dangote-cement-appoints-ex-holcim-india-head-van-der-weijde-ceo.html
