Africa’s richest man, Alhaji Aliko Dangote is targeting a market capitalisation of $35-40 billion for his cement company as he forges ahead with plans for a London listing next year.
According to the Nigerian billionaire industrialist, money gotten from the listing will be used to pay off investors, including himself.
“It depends on the market, but it should be something like $35 to $40 billion dollars. We are targeting something like that,” Dangote said of the secondary listing in London that is planned for late next year.
Earlier this year, Dangote had announced plans to list his $11 billion cement business on the London Stock Exchange by 2013. He reiterated this in an interview with Reuters. He also stated that the company would raise its capacity target to 60 million tonnes a year by 2015 from a previous 50 million tonne target.
On Monday, Dangote Cement’s 5.25million mt/pa Obajana Plant Line 3 was commissioned by Nigerian President Goodluck Jonathan.
Dangote’s cement interest spans across almost all regions in Africa. The cement company also accounts for one-third of the market capitalisation on the Nigerian Stock Exchange.