Dangote to float cement business on LSE
Africa's richest man Aliko Dangote plans to list his $11 billion cement business, Dangote Cement, on the London Stock Exchange next year according to the Financial Times
The FT quotes Dangote as saying, "We want to list in London next year. By then the upside to our business will be much bigger than today."
Dangote reportedly intends to free-float a 20 percent stake in Dangote Cement to fund its expansion.
READ MORE FROM AFRICAN BUSINESS REVIEW:
South Africa's dirty feet - counting carbon emissions
Traditional vs. new marketing methods
Changing the landscape of money transfers
The newspaper also reports that Morgan Stanley and JPMorgan have been appointed as co-leads for the London share issue.
Dangote intends to expand its annual cement production capacity from 8 million tonnes in 2011 to 48 million tonnes by 2015, projects funded from existing cash flows.
The Dangote Group includes agriculture, food, manufacturing, logistics and real estate companies and is the largest in Nigeria by market capitalisation.
African Business Review is now available on the iPad. Click here to download it.
