Kenyan investors could soon gain easier access to shares in the Dangote Petroleum Refinery through a planned Global Depository Receipt structure on the Nairobi Securities Exchange (NSE), subject to regulatory approval.

Under the proposed arrangement, investors would be able to buy GDRs representing shares in the Nigerian refinery at about KES 49.25 per underlying share. The minimum subscription would be 10 shares, putting the initial investment at roughly KES 490.

The structure is being arranged by Renaissance Capital, with Stanbic Bank expected to serve as custodian. The GDRs would represent shares listed on the Nigerian Exchange, allowing Kenyan investors to gain exposure without opening offshore brokerage accounts.

The offer still requires approval from the Capital Markets Authority and NSE. If cleared, the Kenyan offer is expected to open in early October, while trading of the GDRs on the NSE is targeted for December.

Dangote is offering 4.1 billion shares, representing a 3 percent stake in the refinery, with proceeds intended to support expansion of its processing capacity.

The proposed structure could broaden access to African investment opportunities while giving Kenyan retail and institutional investors a simpler way to participate in the refinery’s share offer.