By Dipo Olowookere
Some additional shares of Dangote Sugar Refinery Plc have been listed on the floor of the Nigerian Stock Exchange (NSE), a circular has confirmed.
The stocks, 146,878,241 in number, were admitted on the trading platform of the exchange on Wednesday, September 30, 2020, the notice signed by the Head of Listings Regulation Department at the NSE, Mr Godstime Iwenekhai, stated.
This has now increased the total issued and fully paid-up shares of Dangote Sugar to 12,146,878,241 ordinary shares of 50 kobo each from 12,000,000,000 ordinary shares of 50 kobo each.
The fresh equities of the sugar milling company were from the merger it recently had with another sugar company, Savannah Sugar Company Limited.
“Dealing members are hereby notified that additional 146,878,241 ordinary shares of Dangote Sugar Plc were today, Wednesday, September 30, 2020, listed on the daily official list of the Nigerian Stock Exchange.
“The additional shares listed on the exchange arose from the scheme of merger between Dangote Sugar and Savannah Sugar Company Limited.
“With this listing of the additional 146,878,241 ordinary shares, the total issued and fully paid-up shares of Dangote Sugar has now increased from 12,000,000,000 to 12,146,878,241 ordinary shares of 50 kobo each,” the disclosure from Mr Iwenekhai said.
Business Post reports that in July 2020, shareholders of Dangote Sugar approved the acquisition of Savannah Sugar Company Limited at an Extraordinary General Meeting (EGM) held in Lagos.
At the meeting, Chairman of Dangote Sugar, Mr Aliko Dangote, said the merger will make the new entity to operate from the position of increased access to capital and then higher profitability.
He described the deal as fair and reasonable, expressing optimism that it would provide strategic opportunities and benefits for the company, employees and other stakeholders.
Shares of Dangote Sugar, which closed on Tuesday at N12.50 after gaining 20 kobo, was trading flat at the NSE as at press time.
