Nigeria, Oct. 7 -- Kenya has approved a Global Depositary Receipt structure that will enable eligible Kenyan investors to participate in the ongoing Dangote Petroleum Refinery and Petrochemicals IPO in Nigeria.

The approval was granted by Kenya's Capital Markets Authority after a Short Form Prospectus was submitted by Renaissance Capital Kenya Limited for the proposed GDR arrangement.

The News Chronicle reports that Renaissance Capital Kenya will manage custodial arrangements for investors, while working with its Nigerian affiliate, Renaissance Capital Africa, to participate in the Dangote Refinery share offer.

After the Nigerian offer closes and allocations are made, the GDRs are expected to be listed on the Nairobi Securities Exchan...