Kenyan regulator clears access for Kenyan investors to participate in Nigeria's Dangote Petroleum Refinery initial public offering.
Kenya's capital markets regulator has approved a short form prospectus for a global depository receipt that will allow eligible Kenyan investors to participate in Nigeria's Dangote Petroleum Refinery initial public offering, the regulator said on Monday.
The Capital Markets Authority said in a statement that it had allowed a global depository receipt (GDR) submitted by Renaissance Capital (Kenya) and it would work with Renaissance Capital Africa, licensed in Nigeria, for the exercise.
Dangote, Africa's richest man, in September launched a $1.6 billion initial public offering in the refinery to fund a doubling of its capacity to 1.4 million barrels per day.
The deal is being marketed as a "people's IPO" and would be Africa's largest.
Kenya's capital markets regulator said it has allowed at least seven other licensed companies working with the licensed Nigerian counterparts to allow Kenyan investors to participate in the share offer.
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