Devakumar Edwin, vice-president of the Dangote Group, says the company has raised $2.5 billion through a private placement.
According to a Reuters report on Friday, the move is part of the company’s efforts to strengthen its financing structure.
The report added that the capital raised ahead of the refinery’s planned initial public offering (IPO) later this year is expected to finance its expansion, as the company ramps up operations and increases its presence in both domestic and export fuel markets.
In June, sources familiar with the deal told Reuters the refinery was offering three billion ordinary shares at $0.35 each, with demand already topping $2 billion.
According to the report, investors were required to subscribe for at least 1 million shares, worth $350,000, with additional purchases in blocks of 500,000 shares.
Sources told the publication that the shares will be subject to a 365-day
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