Dangote Refinery raises $2.5bn through private equity placement

Dangote Refinery connected Thursday announced that it has successfully raised $2.5 cardinal successful caller equity done a backstage placement.

The refinery disclosed this successful a connection connected Thursday.

According to the firm, the $2.5 cardinal equity rise was 3.7 times oversubscribed comparative to the archetypal connection size and resulted successful the issuance of caller equity.

“This transaction is believed to beryllium Africa’s largest publically disclosed superior equity backstage placement by value. As the Enterprise’s archetypal equity superior rise involving outer investors beyond its bequest shareholder base, the offering marks a important milestone successful advancing its semipermanent backing strategy and the continued improvement of African superior markets.

“Proceeds from the backstage placement volition enactment DPRP’s ongoing enlargement of the refinery and petrochemical complex, fortify the Enterprise’s superior structure, and supply further fiscal flexibility for aboriginal maturation initiatives.

“The offering attracted beardown information from a divers radical of planetary and African organization investors, sovereign-related concern vehicles, improvement concern institutions, and long-standing strategical partners, including Africa Finance Corporation (AFC) and India Infra Buildco, an investme...