<\/p>\n
Botswana got selected as the host venue for the southern African portion of the initial public offering of the continent\u2019s largest oil refinery, giving the relatively small market a key role in the region\u2019s biggest listing to date.<\/p>\n
The Southern African Development Community\u2019s bourses have selected Botswana as the host for trading in shares of Dangote Petroleum Refinery And Petrochemicals Fze, said Collen Tapfumaneyi, the chairman of the Committee of SADC Stock Exchanges, which has 14 members.<\/p>\n
\u201cWe\u2019ve then agreed that one amongst us becomes the host trading venue to reduce any complications,\u201d he said at an event in Gaborone Wednesday.<\/p>\n
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The Botswana unit of Nigeria\u2019s Access Bank Plc will act as a depository receipt issuer in the country, said Sheperd Aisam, the lender\u2019s managing director in the country. Dangote expects to raise $500 million through the Botswana depositary receipts, said Duduetsang Chappelle-Molloy, Access\u2019s local head of marketing.<\/p>\n
The refinery owned by Africa\u2019s richest man, Aliko Dangote, seeks to raise $1.6 billion from investors in its IPO by selling 4.1 billion shares.<\/p>\n
\u201cWe have more than reached our target,\u201d he said in Gaborone, saying the refinery has had interest of \u201cmore than three times or four times what we are looking for.\u201d<\/p>\n
This week, the firm extended the IPO by two weeks to 27 October \u201cto make sure\u201d people can participate, he said.<\/p>\n
The company has received interest from investors in all African countries barring Comoros, S\u00e3o Tom\u00e9 and Pr\u00edncipe, and Seychelles, Dangote Industries Chief Financial Officer Murat Erden said.<\/p>\n
On Tuesday, Ethiopia\u2019s capital-markets regulator cleared Dangote Petroleum to offer securities linked to the IPO to as many as 100 so-called qualified investors in the country only, it said in\u00a0a post on its X account.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#Botswana #set #Southern #African #hub #Dangote #Refinery #IPO<\/p>\n","protected":false},"excerpt":{"rendered":"
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