Kenya Approves Dangote Refinery IPO Route for Investors
Kenya's market regulator has approved depositary receipts that let Kenyans join Nigeria's Dangote Refinery IPO before the offer closes on 13 October. The post Kenya Approves Dangote Refinery IPO Route for Investors appeared first on The Rio Times .
Kenya’s Capital Markets Authority has greenlit a new route allowing Kenyan investors to participate in the Dangote Refinery IPO. The offer, expected to raise approximately 2.15 trillion naira (US$1.6 billion), will conclude on Tuesday, 13 October. Eligible Kenyan investors can purchase shares through global depositary receipts (GDRs), which represent shares held abroad.
The approval, announced on Monday, 5 October, marks the first of its kind since Kenya issued guidance on such receipts. Renaissance Capital (Kenya) Limited, a licensed investment bank, has submitted a short-form prospectus for the IPO. The CMA also approved custodial arrangements for investor funds, with Renaissance Capital Kenya working alongside Renaissance Capital Africa, a partner licensed in Nigeria.
Once the offer closes and shares are allocated, Renaissance Capital Kenya will structure the receipts for listing on the Nairobi Securities Exchange, subject to obtaining relevant approvals from the Nigerian Securities and Exchange Commission. This marks the first transaction of its kind since Kenya issued its policy guidance on global depositary receipts and notes.
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Also reported by 2 other outlets
- Dangote refinery IPO: Kenyans get green light to invest as CMA approves NSE GDR route peopledaily.digital
- Kenyan investors cleared to buy into Dangote refinery IPO capitalfm.africa
