<\/p>\n
Africa\u2019s biggest oil refinery cut its debt by $570 million as it raised output and sales ahead of what will be the continent\u2019s biggest share offering, one that could expand by as much as 30% depending on demand.<\/p>\n
Dangote Petroleum Refinery and Petrochemicals FZE\u2019s total secured debt was $5.67 billion at the end of June compared with $6.24 billion at the end of last year, it said in its prospectus seen by Bloomberg.<\/p>\n
A company spokesman didn\u2019t immediately respond to a request for comment.<\/p>\n
ADVERTISEMENT<\/p>\n
CONTINUE READING BELOW<\/p>\n
Africa\u2019s richest man, Aliko Dangote, is seeking to raise $1.6 billion in the IPO by selling 4.1 billion shares at 525 naira ($0.40) apiece, but this could swell to about $2.1 billion depending on demand and approval by Nigeria\u2019s Securities and Exchange Commission, the company said in the document.<\/p>\n
A swing to profit of $1.82 billion in the six months through June from a loss of $282.1 million a year earlier enabled the debt reduction after the Nigerian facility ramped up production and saw higher sales boosted by the US-Iran war.<\/p>\n
Its net debt was 0.27 times earnings before interest, tax, depreciation and amortisation by the end of June, a ratio that the producer expects to decline as operations stabilise and cash-flow generation improves, it said.<\/p>\n
The refinery, which processes 700 000 barrels of crude daily, aims to double that capacity by 2030 with a $14.3 billion expansion. That spending \u201cdoes not constitute an immediate funding requirement,\u201d it said.<\/p>\n
The IPO is scheduled to open September 14 and run for about a month. Dangote, the founder, indirectly holds 87.3% of the refinery through different entities, according to the prospectus.<\/p>\n
Built at a cost of $20 billion, the refinery transformed Nigeria from a net importer of petroleum to an exporter, also helping to ease this year\u2019s war-related supply shocks in several countries.<\/p>\n
The company is targeting November for regulatory approval of allotments as well as the listing of shares.<\/p>\n
Investors can participate through 55 intermediaries including digital channels such as Flutterwave Technology Solutions, MTN Group\u2019s MTN MoMo, Moniepoint, Airtel Smartcash and Bamboo, according to the prospectus.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Dangote #refinery #cuts #debt #5.7bn #ahead #record #IPO<\/p>\n","protected":false},"excerpt":{"rendered":"
Africa\u2019s biggest oil refinery cut its debt by $570 million as it raised output and…<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[16732,839,842,7406,1555,1042,847,1949],"_links":{"self":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/15653"}],"collection":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=15653"}],"version-history":[{"count":0,"href":"https:\/\/stock999.top\/index.php?rest_route=\/wp\/v2\/posts\/15653\/revisions"}],"wp:attachment":[{"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=15653"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=15653"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stock999.top\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=15653"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}