Dangote Refinery Valued At $39.1bn, Seeks $1bn In Private Placement

Dangote Petroleum Refinery is seeking to raise $1 billion through a private placement, even as the company has been valued at about $39.1 billion.
Reuters reports that the refinery is offering 3 billion ordinary shares at $0.35 per share.
If fully subscribed, the transaction would raise about $1 billion and implies an enterprise valuation of approximately $39.1 billion for the facility.
The placement memorandum showed minimum subscription of one million shares (equivalent to $350,000). It also said additional subscriptions would be accepted in increments of 500,000 shares.
Allotted investors will be subject to a 365-day lock-up from the date of allotment.
The memorandum says procee...