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Alico Dangote, one of Africa's leading entrepreneurs to list company on the London Stock Exchange
Monday, 02 April 2012We 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 outside Nigeria.
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
