Di refinery wey Africa‘s richest man, Aliko Dangote, get, Dangote Petroleum Refinery and Petrochemicals, tok on Sunday, 18 October say im public share offer don receive subscriptions from investors for more than 90 countries worldwide, including 51 of Africa’s 54 nations. Di company disclose say di spread show how far di offer don reach as e try carry ownership beyond Nigeria, where di refinery dey operate.
Di company talk say individuals and institutions both dey among di subscribers. But e no publish how many subscriptions come from each country, and e no disclose how much money di applications represent.
Di offer still dey scheduled to close on 27 October, and di company say no further extension dey planned at the moment. Di deadline bin don move from 13 October before.
To make di offer reach African investors, arrangements dey through African capital markets. Botswana serve as channel for investors from Southern Africa, while Uganda approve di promotion and distribution of di refinery securities to local investors. Di company explain say cross-border participation need more than interest: buyers must get authorised channels to apply and hold their investments.
Dangote Petroleum Refinery and Petrochemicals also note say subscriptions no be same as completed share allotments. Di disclosure still leave open how participation divide between Nigeria, other African markets and overseas investors.
Di share sale dey happen as di business report better earnings. Di refinery record about $4.7 billion in net profit for di nine months wey end on 30 September, on revenue of $22.5 billion. Di final ownership structure go depend on how di offer end and di share allotments wey follow.
