Rwanda’s Capital Markets Authority (CMA) says it is working with relevant stakeholders to facilitate the participation of Rwandan investors in the initial public offering (IPO) of Dangote Petroleum Refinery.
Gatekeepers News reports that in a statement issued on Thursday, the regulator said the move followed growing interest in opportunities available through capital markets.
“The Capital Markets Authority of Rwanda is working with relevant stakeholders to facilitate participation by Rwandan investors in the Dangote Petroleum Refinery IPO,” the statement said.
“We are encouraged to see the strong interest in the opportunities afforded by capital markets.”
The CMA said investors interested in participating could, for now, register their interest with United Capital Financial Services Rwanda Ltd through its designated platform.
However, it clarified that registering interest does not amount to subscribing for shares or securing an allocation.
“Registration of interest does not constitute a subscription for, or allocation of, shares,” the regulator said.
It added that further details on arrangements for Rwandan investors to participate in the IPO would be communicated in due course.
Dangote Petroleum Refinery is currently raising capital from investors through an IPO as it prepares to list its shares on the Nigerian Exchange (NGX).
The offering forms part of the refinery’s broader strategy to increase public ownership and provide investors with an opportunity to acquire stakes in the 650,000-barrel-per-day facility.
The IPO has generated significant interest among investors in Nigeria, with Dangote Industries Limited previously stating that demand had exceeded the number of shares available under the offer.
On April 23, Aliko Dangote, chairman of Dangote Group, said the company planned to replicate its 650,000-barrel-per-day Nigerian refinery in East Africa with support from governments in the region.
