Billionaire businessman, Aliko Dangote has said he plans to list shares of his $20 billion oil refinery on multiple African stock exchanges, in what could become a landmark cross-border public offering on the continent.
According to Bloomberg, the plan was disclosed by Frank Mwiti, Chief Executive Officer of the Nairobi Securities Exchange, following a meeting held last week in Lagos between Dangote and heads of African exchanges.
In December last year, Dangote, President of Dangote Industries Limited, unveiled plans to list a 10% stake in his $20 billion refinery on the Nigerian Exchange this year.
According to the Bloomberg report citing an email from Ukandu Ukandu, FirstCap Chief Executive Officer, Dangote has already appointed Stanbic IBTC Capital Ltd., Vetiva Advisory Services Ltd., and FirstCap Ltd. as advisers for the initial public offering of Dangote Petroleum Refinery and Petrochemicals FZE.
Mwiti said the proposed listing is designed to cut across multiple markets and deepen investor participation across the continent.
“The plan is to structure a pan-African IPO,” he said.
Bloomberg also reported that a spokesman for the Dangote Group confirmed that discussions had taken place between Dangote and exchange officials but declined to provide further details.
