Renaissance Capital, the GDR Issuer of the Dangote Kenya
GDRs, today announced that the Minimum Subscription under the Offer has been reduced from 2,000
GDRs to 10 GDRs. With the GDR Subscription Price of KES 53.50 per GDR, the minimum application
amount is equivalent to KES 535, payable in full on application.
The reduction in the minimum investment threshold follows feedback from the investor community, high
market demand and approval from CMA and is intended to broaden access to the GDRs. This revised
minimum subscription aligns the Kenyan GDR Offer with the minimum investment available to investors
in the Initial Public Offering of Dangote Refinery in Nigeria, supporting broader participation through a
structured, transparent and regulated framework.
A Global Depositary Receipt (GDR) lets investors buy shares in a foreign company without leaving their
home market. Two financial institutions make this work. A Custodian Bank holds the company’s actual
shares in its home country, and a Receiving Bank receives the funds from Investors, and the investors can
then then trade on their local exchange. Other specialists typically support them: An Investment Bank and
a Law Firm structure the arrangement and secure regulatory legal approvals, Formal Registrars keep
records of who holds the receipts, Stockbrokers and/or Investment Banks buy and sell the shares on
investors’ behalf, and communications firms help investors and the public understand the opportunity. In
an unsponsored GDR, these regulated institutions set up the programme themselves, not the company.
The Dangote shares would stay in custody in Nigeria, while Kenyan investors buy and sell the receipts on
the NSE in Kenyan shillings. The NGX remains the main market for the shares.
The Offer is for up to 728,971,962 GDRs, each of which represents one Underlying Share in DPRP, held
through the custody arrangements. The Kenya GDR Offer was approved by the Capital Markets Authority
(CMA) on 5 October 2026. The GDRs are to be listed on the Main Investment Market Segment of the
Nairobi Securities Exchange (NSE), subject to approval or no-objection from the Securities and Exchange
Commission of Nigeria, and will trade in Kenya Shillings.
The Kenya GDR Offer opened on 6 October 2026 and closes at 5pm on 13 October 2026. All other terms
of the Offer remain as set out in the Amended Information Memorandum dated 9th October 2026.
Eligible investors holding a valid CDSC Account may apply through the USSD code 483250#, the
e-portal at https://dangotegdr.e-offer.app/, or through an Authorised Selling Agent. Investors who do not
have a CDSC Account may apply to open one through the e-portal. Payment must be made in full in
Kenyan Shillings by the closing time. Investors should use only the official application channels set out in
the amended Information Memorandum.
