Rwandan investors are being given an opportunity to participate in the initial public offering (IPO) of Dangote Petroleum Refinery, one of Africa’s largest oil refineries, as preparations for the share sale advance.
The Rwanda Capital Market Authority (CMA) said it is working with stakeholders to facilitate access to the IPO for investors in Rwanda.
CMA said prospective investors can register their interest through United Capital Financial Services Rwanda Ltd, which is among the firms authorised to facilitate the offering.
The opportunity will be open to both individual and institutional investors. United Capital said the shares will be offered at 589 naira, equivalent to about $0.40, with a minimum purchase of 10 shares.
The IPO is valued at $1.63 billion, or approximately Rwf2.4 trillion. According to United Capital, it would be the largest IPO by a privately owned company in the history of African capital markets.
CMA cautioned that registering interest does not amount to an application to purchase shares. Detailed information on how investors in Rwanda will participate will be provided once the necessary arrangements have been completed.
Located in Lagos, Nigeria, Dangote Petroleum Refinery has a capacity to process 650,000 barrels of crude oil per day. The facility also produces petrochemical products, including polypropylene.
The refinery was founded by Nigerian businessman Aliko Dangote. Its IPO will allow investors to acquire an ownership stake through the capital market, subject to applicable requirements and regulations.
