Eligible investors in Kenya and Uganda can participate through depositary receipts linked to the refinery’s wider capital-raising plan.
Dangote Petroleum Refinery has made an East African portion of its proposed initial public offering available to eligible investors in Kenya and Uganda, with the regional offer targeting approximately $300.4 million if fully subscribed.
According to the information memorandum described in the announcement, the offer consists of about 729 million Global Depositary Receipts priced at 53.50 Kenyan shillings each, potentially raising around 39 billion Kenyan shillings.
Each receipt represents one underlying share in Dangote Petroleum Refinery and Petrochemicals FZE. The structure is intended to allow investors in East Africa to participate through securities proposed for listing on the Nairobi Securities Exchange.
Regulatory approvals were reported in Kenya and Uganda. Kenya’s Capital Markets Authority was said to require a minimum public free float of 15 per cent of the issued depositary-receipt pool among investors in that market.
The offer was scheduled to close on October 13, with allotment expected around November 12 and listing anticipated 15 business days later. The minimum application is 2,000 receipts, followed by multiples of 100, and the stated minimum success threshold is 50 million Kenyan shillings.
Renaissance Capital entities are advising the Kenyan transaction, while Stanbic Bank is acting as custodian and receiving bank, according to the offer details.
The regional tranche represents almost one-fifth of the refinery’s broader IPO fundraising target of at least $1.6 billion. Dangote has said the capital would support a planned expansion of the Lagos refinery’s capacity from 700,000 to 1.4 million barrels a day.
The company is also pursuing a separate refinery development in Kenya and has discussed opportunities for East African governments to invest in that project. The Kenyan project and the Lagos refinery IPO are distinct investments.
The announced offer terms and timetable are subject to the applicable regulatory and transaction documents; a planned listing or fundraising target does not mean the capital has already been raised.
