Dangote targeting $35-40 billion on London Stock Exchange listing

Aliko Dangote

(Reuters) – Nigerian billionaire Aliko Dangote is targeting a market capitalization of US$35-40 billion for his cement company when he lists it in London next year, and the money will be used to pay off investors including himself, he told reporters on Wednesday.

“It depends on the market, but it should be something like US$35 to US$40 billion dollars. We are targeting something like that,” Dangote said of the secondary listing in London that is planned for late next year.

(More: Aliko Dangote expands his “cement powerhouse”)

Africa’s richest man with a cement empire stretching from Senegal to South Africa, Dangote said in an interview at his office in Lagos that Dangote Cement had raised its capacity target to 60 million tonnes a year by 2015 from a previous 50 million tonne target.