Kenya: Aliko Dangote Acquires 24.76pc Stake in Kpc for About Sh42.5bn
The deal values the stake at about Sh42.5 billion and follows KPC’s IPO, as Dangote expands his regional energy and refinery ambitions.
- On Wednesday, Nigerian billionaire Aliko Dangote announced that Dangote Industries acquired a 25 per cent stake in Kenya Pipeline Company in London to support petroleum product distribution.
- The acquisition follows KPC's initial public offering earlier this year, when the government stepped in to purchase shares amid low private investor uptake; Kenyan President William Ruto had referenced private investment during a Tuesday speech.
- Last month, President William Ruto and Dangote broke ground on a $16 billion oil refinery project in Lamu, expected to take 40 months to complete with a processing capacity of 700,000 barrels of crude oil per day.
- Dangote views this investment as part of efforts to stop the continent from exporting raw materials and start selling finished products; he already operates a refinery of similar capacity near Lagos.
- Shares were acquired from state institutions including the National Social Security Fund and the Unclaimed Financial Assets Authority , while the refinery project intends to supply fuel to Kenya, Uganda, and Tanzania once operational.
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13 Articles
Dangote Plans to Invest US$1.5 Billion in Kenya Pipeline Company After Acquiring a 25 Percent Stake
Aliko Dangote plans to invest US$1.5 billion in expanding Kenya Pipeline Company’s network after acquiring a 25 percent stake, positioning the infrastructure at the centre of his ambition to distribute refined petroleum products across Africa. Speaking at the Financial Times Africa Summit in London, the Nigerian industrialist said his company had purchased 4.5 billion shares in Kenya Pipeline for US$335 million, paying a slight premium on the la…
Aliko Dangote Acquires Stake In Kenya Pipeline For Ksh42.5 Billion
The Kenya Times ~ Trending, Breaking News and Videos Aliko Dangote Acquires Stake in Kenya Pipeline for Ksh42.5 Billion Nigerian billionaire Aliko Dangote has confirmed acquiring a 24.76 percent stake in Kenya Pipeline Company (KPC) for approximately Ksh42.5 billion, purchasing shares previously held by government institutions. According to Bloomberg, Dangote announced the investment at the 13th annual Financial Times Africa Summit in London on …
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