Dangote Petroleum Refinery and Petrochemicals has extended its initial public offering by two weeks, giving investors until October 27 to apply for shares.
The offer opened on September 14 and had been due to close on October 13. It comprises 4.1 billion ordinary shares at N525 each.
The company said the Securities and Exchange Commission approved the extension and that the additional time was intended to broaden participation across Africa following strong investor interest.
Aliko Dangote said discussions with the Nairobi Stock Exchange had identified a way to facilitate participation, which the company was seeking to replicate with other African exchanges. He said subscriptions had already exceeded the amount originally sought by more than three or four times; that figure is the company’s account of demand.
The additional period will support the expansion of distribution channels and arrangements for cross-border investment, according to the company. Prospective investors will also have more time to open accounts, complete identity checks and meet other regulatory requirements.
Managing Director David Bird said the extension would give more African investors an opportunity to participate in the offer and share in the refinery’s future growth.
NaijaTrend reported the opening of the share offer here.
Sources: Premium Times, Vanguard, Channels TV
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