VENTURES AFRICA – Aliko Dangote, Africa’s richest man, has announced his plans to list $11 billion cement business on the London Stock Exchange by 2013.
“We want to list in London next year. By then the upside to our business will be much bigger than today,” says Dangote.
Morgan Stanley and JPMorgan have been appointed as co-leads for the London share issue. According to Financial Times report, it will be the first listing of one of Dangote’s companies and aims to float a 20% stake to finance its rapid expansion.
Dangote reassures that his company meets the governance requirements for a premium listing. However, one of the changes in the group will include him giving up his current role as chairman.
Dangote Cement accounts for around a third of the capitalisation of the Nigerian stock market. The company recently acquired huge stakes in cement companies in South Africa, Tanzania, Ethiopia, Republic of Congo (Brazzaville), Senegal and Zambia.
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