The Board of Directors of Dangote Sugar Refinery Plc has made public plans by the company to merge with NASCON Allied Industries Plc and Dangote Rice Limited, sequel to its meeting on July 28, 2023.
In a notification to the Nigerian Exchange Limited and the investing public, signed by the Company Secretary/Legal Adviser, Mrs. Temitope Hassan, Dangote Sugar Refinery Plc said the proposal would be presented to shareholders for approval.
In addition, the transaction would be presented to the relevant authorities, including the Securities and Exchange Commission (SEC), shareholders of the Merging Entities at the respective Court-Ordered Meetings of the companies, as well as the sanction of the Federal High Court.
The proposed merger, the notice added, will be executed as an internal restructuring via a Scheme of Merger, subject to agreement on terms and conditions by all involved parties, namely Dangote Sugar Refinery, NASCON, and Dangote Rice Limited. All three firms are subsidiaries of Dangote Industries Limited.
The merger, it said, is designed to consolidate and strengthen the Group’s market position and lay the foundation to take advantage of future opportunities in the food industry.
It said: “Further details on the merger will be shared once all necessary approvals have been received from shareholders and regulators.
“Shareholders have been advised to exercise caution when dealing with the shares of the Company until a subsequent announcement is made.”
