The Initial Public Offering (IPO) of Nigerian billionaire Aliko Dangote’s oil refinery will be extended by 10 days to allow investors from other African countries to participate, a company Executive and Adviser on the deal told Reuters.
The IPO opened about a month ago and was meant to close on Tuesday. It is targeting the general public to raise as much as $2.1 billion for the refinery’s expansion, in what is expected to be Africa’s largest share sale yet.
The refinery, owned by Africa’s richest man Aliko Dangote, seeks to broaden ownership of its 700 000-barrel-per-day refining complex through an offer targeted at up to 10 million retail investors in Nigeria and elsewhere on the continent.
An adviser on the deal said an official announcement on the extension would be made later on Monday.
There was no immediate comment from Nigeria’s Securities and Exchange Commission or exchange operator NGX Group. A Dangote Spokesperson declined to comment.
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