Dangote Refinery to Offer Dollar Dividends After IPO
Dangote Refinery has announced that shareholders will receive dividends in US dollars following its initial public offering (IPO), as disclosed by Devakumar Edwin, Vice President of Dangote Industries Limited. This plan, declared by the group's President, is backed by the refinery's foreign exchange earnings from exports.
During a media tour and briefing at the refinery, Edwin noted that approximately half of the refinery's current production is exported, with future output aimed at international markets. This strategy is expected to generate a steady stream of foreign currency for the company.
The IPO share price is set at N525, and Edwin expressed confidence in stock appreciation post-listing. He emphasized that investors are subscribing to an operational business rather than a project under construction.
The refinery's $20 billion investment remains on target, and it aims for at least 10 million shareholders with a minimum subscription of N5,250. Employees were also offered shares during the private placement.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
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