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Dangote to Spend $ 7.5 billion on Expansion, Cement May List on LSE by Q3, 2013

By on May 10, 2012

Billionaire Aliko Dangote said his conglomerate needed to spend $7.5 billion in the next four years to expand operations in a range of sectors.

“We are going into something big. We are going into mining, petrochemicals, cement and infrastructure. We need to spend $7.5 billion in the next four years, so definitely we need a lot of concentration,” he said on the sidelines of the World Economic Forum in Addis Ababa.

Dangote said this changing focus was one of the reasons he was looking for a partnership for his flour business, Dangote Flour Mills, with Tiger Brands, South Africa’s biggest consumer foods maker.

“We are actually trying to have a partnership between us and Tiger Brands,” he said. “We believe they are much better than us in terms of the retail business.”

Also on listing his Cement business on the London Stock Exchange (LSE), Dangote said, “If the market is good by next year, we will hit the market, sometime. Maybe third quarter … we will try.”