My sincere advise is
Kenyans and others should forget about this offer.
This is NOT due to technical or fundamental reasons but logistics reasons. Here are a few

1. The initial impression by chairman Aliko Dangote was that the offer will be open to all Africans. The reality is that the shares on offer 4.1 bln about 3% of 120 bln afloat shares is too little to actualize this . He initially thought of offloading 10% or 12 bln shares but there seem to be a change of mind best known to him.

2. There was no concrete plan through your NSE/CMA to actualize Kenyans participation directly . This makes it hard for Kenyan retail investors to participate as there is no nominated local Kenyan stockbroker as market participant or dealer on this offer . There are BACK DOOR deals and this seems very expensive and risky for Kenyan investors. Some Kenyan unofficial intermediaries request as much as
$2,000 plus 2% premium that is 2,600,000 naira to participate whereas officially minimum subscription is 5,250 naira. See the huge difference for fellow Africans to pay !!!


3. Oversubscription is in the offing but the hype is at the highest pitch here. So how will Kenyans get their refunds if they invest through back door? There are some bottlenecks



CONSOLATION TO KENYANS

I believe on or before Dangote Lamu inauguration circa 2030, either Dangote shares will be cross listed in NSE main board or another IPO in Kenyan domain will be done .
Please kindly wait for your turn.


Asante Sana