Nigeria’s Dangote Cement has scrapped plans for a secondary listing on the London Stock Exchange.
The company cited market conditions and strategic priorities for the decision on Tuesday.
The move is a setback for the UK bourse, which has struggled to attract major new issuers.
In May, the cement maker had disclosed it was in early talks over a potential London listing.
The listing would have widened its access to overseas investors and capital.
London has seen a growing number of companies either abandoning the bourse or getting bought out by larger rivals or private equity firms.
Dangote Cement is part of the sprawling business empire of Nigerian billionaire Aliko Dangote.
In September, Dangote launched Africa’s biggest-ever share sale with the initial public offering (IPO) of his oil refinery on Nigeria’s main stock exchange.
The company’s market valuation currently stands at ₦24.79 trillion ($18.42 billion).
It said its shares remain listed on the Nigerian Exchange (NGX).
It added that the decision does not affect its operations or business plans.
