Uganda joins Kenya in opening the Dangote refinery share sale to its investors
The Nigerian refinery is trying to raise $1.6bn in what could be Africa's largest stock market listing. The offer closes on 13 October.
Kampala — Uganda has cleared its investors to take part in the share sale of Nigeria's Dangote Petroleum Refinery, Africanews reports, citing the Reuters news agency.
In a statement on Tuesday, Uganda's Capital Markets Authority said the offer should be marketed only to high-net-worth individuals and professional investors. Kenya approved participation by its own citizens earlier in the week.
What is on offer
The refinery, the largest in Africa, opened its ownership to the public in mid-September. Its owner, the Nigerian businessman Aliko Dangote, is seeking to raise $1.6 billion, which could make it the continent's biggest initial public offering.
Investors can take part by buying a minimum of ten shares, an outlay of about $4. The offer is due to close on 13 October.
Why it matters
The proceeds are part of a plan to raise the refinery's capacity to 1.4 million barrels a day.
The approvals in Kampala and Nairobi mean the sale is reaching beyond Nigeria's own market.
This report is based on reporting by Africanews, citing Reuters.
