Dangote Petroleum Refinery and Petrochemicals FZE ( DPRP) has successfully completed a landmark Private Equity Placement that raised approximately US$ 2.5 billion in new equity following a highly successful offering.
The transformation, which is believed to be Africa’s largest publicly disclosed primary equity private placement, marks a significant milestone in the history of the company and demonstrates strong investor confidence in the refinery’s long – term growth strategy and operational excellence. The equity funding round involving external investors beyond the company’s legacy shareholders base, underscoring the growing attractiveness of DPRP aa a world – class energy and industrial enterprise.
The proceeds from the placement to support the continued expansion of the refinery and petrochemicals complex, strengthen the company’s capital structure, and enhance flexibility to pursue future opportunities.
The offering attracted broad participation from international and African institutional investor, sovereign – related investment vehicle, development finance institutions, strategic partners and individual investors, Notable participations included the African Finance Corporation ( AFC) and Indian Infra Buidco, an investment vehicle facilitated by the by the African Export – Import Bank (Afreximbank) reflecting deep and diversified confidence in DPRP’s long – term prospects.
Commenting on the successful transaction, Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited and Chairman of DPRP, described the placement as a strategic milestone in the country’s evolution.
“This transaction represents a strategic a step to deepen and further institutionalize the Enterprise’s share wider base, while raising capital to complement our internal cash flows and external funding as DPRP advance its expansion agenda.
It also demonstrates our unwavering to developing Africa’s refining and petrochemical capacity, reducing dependence on imported petroleum products and strengthen the continent’s energy security.
Also speaking on the development, David Bird, Managing Director / Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals said the overwhelming investor response validates the company’s operational performance and growth outlook.
“The exceptional demand we witnessed is a testament of our operational excellence, execution capacity and the confidence investors have in DPRP’s leadership and future potential”
With the successful completion of the placement, DPRP is well – positioned to accelerate its long – term growth strategy while strengthening Africa’s energy security through world – class refining and petrochemical capacity. The strong investor response further reinforcing confidence in the in the company’s vision and its ability to deliver sustainable value over the long – term.
The Company also acknowledged the contributions of its professional advises and patrners whose expertise and support were instrumental in delivering the successful transaction.
