Nigeria's Dangote Refinery Launches Record African IPO
Billionaire Aliko Dangote's Lagos refinery opens 4.1 billion shares to investors in what he calls a "people's IPO," with trading set to begin in November.
Aliko Dangote launched what he described as Africa's largest-ever share sale on Friday, listing 4.1 billion shares of his Lagos refinery on the Nigerian stock exchange. The offering aims to allow broad public participation in the facility's potential returns, according to Dangote.
Trading in the shares is expected to commence in November. Separately, global oil prices advanced as Houthi rebel attacks prompted Saudi Arabia to shut its East-West pipeline.
Sources
- Nigeria's Dangote refinery kicks off blockbuster IPO — France 24 — English
EGazette summarizes reporting from multiple sources; follow the links for the originals.
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