Uganda Allows Domestic Investors to Join Dangote Refinery IPO
Uganda's Capital Markets Authority has authorized high-net-worth and professional domestic investors to participate in the Dangote Petroleum Refinery IPO, joining Kenya in broadening the offering beyond Nigeria. The IPO aims to raise $1.6 billion to expand Africa's largest refinery capacity.
Brève Publié le (Africa/Lagos, UTC+1)
Uganda has approved the participation of its domestic investors in the Dangote Petroleum Refinery’s initial public offering (IPO), according to a statement from the country’s Capital Markets Authority on Tuesday.
The authority specified that the offer should be marketed towards “high-net-worth individuals and professional investors” only. This move follows Kenya’s recent decision to allow its citizens to participate in the IPO.
The Dangote Petroleum Refinery, Africa’s largest oil refinery, opened its ownership to the public in mid-September. Nigerian billionaire Aliko Dangote seeks to raise $1.6 billion through the IPO, which could become the continent’s largest.
Investors can buy at least 10 shares with a minimum investment of about $4. The offer is scheduled to close on October 13. The funds raised will support plans to increase the refinery’s capacity to 1.4 million barrels per day.
Uganda’s decision to open the IPO to domestic investors highlights the growing regional interest in Dangote’s expanding energy projects and reflects a broader trend of pan-African investment opportunities.