Alico Dangote, one of Africa's leading entrepreneurs to list company on the London Stock Exchange
Monday, 02 April 2012
We have always asked the question: Which African companies are there
really trying to break into the world market. The motivation for this
question actually is related to what the Asians have done. Sony,
Toyota, Samgung, LG are among some of the most popular Asia companies
that are doing well in the west.
Despite the huge wealth of Sub Saharan economies, most of their
brightest entrepreneurs have instead migrated to the greener pastures
in Europe and North American. But it looks like that is going to
change soon and we could soon see African companies really taking the
bold step into Europe irrespective of the Europeans’ persistent fear of
the "black man".
It follows that Africa's richest man, Nigerian, Alico Dangote,
plans float his company, the Alico Dangote group on the London
Stock Exchange. This would mean the first listing of the company
Alico Dangote has made a fortune in a rapidly growing demand for
building products in his home country Nigerian and neighbouring lowly
industrialised African countries. His fortune has been determined to
reach USD11.2 billion, according to Wikipedia.
Now he plans to list 20 percent of its cement company, Dangote Cement
on the London Stock Exchange, according to the Financial Times on
Monday. The investment banks Morgan Stanley and JP Morgan are to help
with the IPO.
The company, which has a 70 percent market share in Nigeria, wants to grow plants in eight African countries and need capital.
The expansion is supported by a rapid growth of the African continent.
The International Monetary Fund (IMF) expects growth of 6 percent in
Sub-Saharan Africa, according to an IMF report from April 2011.
Talking of role models we raise our hats to Dangote coming from an
environment where in the west, mostly poverty and economic aid is what
the media feed its vulnerable audience. Lots of business opportunities
are being lost here just because of the negative information gushed out.
By Scancomark.se Team
Companies & Market
Magazine © 2012