Aliko Dangote is advancing plans for Africa’s richest man’s refinery IPO by expanding capital market access across the continent. Executives from Dangote Industries Ltd. are participating in a strategic investment-engagement session hosted by the Egyptian Exchange, with Rehab Sallam, head of international relations at the bourse, confirming the talks aim to lay groundwork for an Egyptian depositary receipt program. The conglomerate is broadening its investor base across Africa, pushing for large-scale regional participation in the refinery’s initial public offering.
Dangote Petroleum Refinery and Petrochemicals Fze has extended the IPO application closing date to Oct. 27 as teams travel across the continent to structure participation for different African countries. The initiative aims to raise $1.6 billion, potentially increasing to $2.1 billion, with a focus on African capital rather than traditional reliance on London, New York, or other international financial centers. Dangote Petroleum is undertaking a depository receipt program for investors in Kenya and Botswana, selecting Gaborone as the host venue for $500 million of receipts for southern Africa.
Plans are also underway to offer securities linked to the IPO in Ethiopia, following clearance from the country’s capital-markets regulator for up to 100 qualified investors. The Lagos-based refinery is valued at close to $50 billion.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing