Kenya Approves Dangote IPO
Kenyas capital markets regulator has approved a global depository receipt allowing eligible investors to participate in the upcoming Dangote refinery initial public offering. The move gives local investors access to what is expected to be Africas largest share offer.
Kenya approved a prospectus for a global depository receipt allowing local investors to join a $1.6B IPO by Nigeria's Dangote Petroleum Refinery on Monday afternoon. The cross-border offering aims to fund a capacity expansion to 1.4 million barrels per day. The share sale stands as the largest public offering in African markets to date.
