While the continent’s biggest cement producer didn’t give a reason for the high-profile non-executive director appointments, people familiar with the matter said in February that Lagos-based Dangote has revived plans for a share sale in London that could raise about $1 billion. Discussions are ongoing and a listing may or may not go ahead, they said.
Davis ran Xstrata, the mining giant now owned by Glencore Plc, for twelve years through 2013. He’s now the chairman of Macsteel and the CEO of the U.K.’s ruling Conservative party. Blair’s other board positions include Renault SA.
Last month, Dangote Cement secured regulatory approval to issue 300 billion naira ($833 million) in local-currency bonds to fund expansion and refinance debt. It’s planning to spend $350 million on capital projects this year, including the building of export facilities at Nigeria’s seaports to boost shipments to neighboring West African countries.
The company, which has operations in 16 African countries and more than $2 billion in annual sales, is scheduled to report first-quarter results later Tuesday.
