Renaissance Capital, the GDR Issuer of the Dangote Kenya GDRs, has announced that the minimum subscription under the offer has been reduced from 2,000 GDRs to 10 GDRs. With the GDR Subscription Price of Ksh 53.50 per GDR, the minimum application amount is equivalent to Ksh 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 the Capital Markets Authority (CMA) 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 collects the funds from investors, who can 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.
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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 on 5th 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 6th October 2026 and closes at 5pm on 13th 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 *483*250#, the e-portal at https://dangotegdr.e-offer.app/, or through an Authorised Selling Agent.
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