Africa’s richest man Aliko Dangote plans to list his $11 billion cement business, Dangote Cement Plc, on the London Stock Exchange next year, the Financial Times reported on yesterday.
Dangote was cited by the FT as saying he intends to free-float a 20 per cent stake in Dangote Cement to finance its rapid expansion.
“We want to list in London next year. By then the upside to our business will be much bigger than today,” Dangote was quoted as saying.
Morgan Stanley and JPMorgan have been appointed as co-leads for the London share issue, according to the FT.
Dangote was cited as saying the company was on track to meet the corporate governance requirements for a premium listing, and that he would give up his current role as chairman.