General
NSE okays Dangote, Savannah Sugar merger
The Nigerian Stock Exchange [NSE] has approved the business combination between Dangote Sugar Refinery Plc and Savannah Sugar Company Limited.
With the approval, a total of 146.878 million ordinary shares of Dangote Sugar Refinery would be issued to shareholders of Savannah Sugar Company Limited.
The shares would be subsequently added to the shares outstanding in the name of DSR at the NSE.
Dangote Sugar is a producer of household and commercial sugar with 1.44 million metric tonnes refining capacity at the same location.
The refinery is located at Apapa Port Complex, refines raw sugar to white, Vitamin A fortified refined granulated white sugar for household and industrial uses.
Its subsidiary, Savannah Sugar Company Limited, located at Numan, Adamawa State, is an integrated sugar production facility, with an installed factory capacity of 50,000 tonnes.
Covering 32,000 hectares, the Savannah Estate has considerable opportunity for expansion, which is underway as part of the Dangote Sugar for Nigeria Project campaign.
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