Kenya: Dangote Refinery IPO Open to Kenyans Through NSE-Listed Gdrs

Kenyan investors could gain access to Dangote Petroleum Refinery shares through Global Depositary Receipts traded on the Nairobi Securities Exchange, creating a local route into Africa’s largest IPO. Renaissance Capital is developing the structure, subject to approval from Kenya’s Capital Markets Authority and the NSE, with a potential launch in early December.

Under the plan, the refinery’s ordinary shares would remain listed and held in Nigeria while corresponding GDRs trade in Nairobi. Kenyan…