Dangote Petroleum Refinery & Petrochemicals FZE has launched a $1 billion private placement at a per-share price of $0.35, staking its future expansion on investor confidence in a $39.1 billion enterprise valuation that would make it one of the most heavily capitalised industrial assets ever to seek fresh capital on the African continent, according to documents seen by BusinessDay.
The offering, which opened on June 1 and closed on June 10, puts three billion ordinary shares on the table at a time when the refinery, physically the largest single-train facility in the world, is still working through the grinding realities of a start-up phase that has tested the patience of creditors, customers and the Nigerian government in equal measure.
The placement is being led by Vetiva Advisory Services Limited, with FirstCap Limited acting as joint issuing house. Proceeds will go toward what the company describes as ongoing expansion initiatives and
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