Dangote Sugar Lists Additional Shares on Stock Exchange

Image

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.

Share
Related Stories
Image
01-March-2024

Transcorp Power to List Shares on Nigerian Exchange March 4

By Dipo Olowookere Another power generating company will join Geregu Power Plc on the Nigerian Exchange (NGX) Limited, Business Post has gathered. The new firm joining the nation’s flagship stock exchange is Transcorp Power Plc, a company owned by businessman and Chairman of UBA Plc, Mr Tony Elumelu. Information reaching this newspaper is that Transcorp Power is listing its shares on the NGX by introduction on Monday, March 4, 2024. The organisation is taking to the stock market about 7,500,000,000 units of its equities at N240.00 each, increasing the total value of the local equity market by N1.8 trillion. Its

Image
01-March-2024

Unlisted Securities Remain in Negative Territory by 1.36%

By Adedapo Adesanya Correction at the NASD Over-the-Counter (OTC) Securities Exchange continued as it recorded a 1.36 per cent loss on Thursday, February 29. The bourse lost N21.34 million of its value during the trading session to close at N1.542 trillion compared with the preceding day’s N1.564 trillion and the NASD Unlisted Security Index (NSI) went down by 15.74 points to end the day at 1,138.05 points versus Wednesday’s 1,153.79 points. Yesterday’s decline was influenced by Aradel Holdings Plc, which further suffered further profit-taking, causing its price to drop N98.25 to close at N2,401.75 per share versus the preceding session’s

Image
01-March-2024

Risevest Suspends Crypto Payment as Clampdown Intensifies

By Adedapo Adesanya Foreign stocks trading and investment firm, Risevest, has voluntarily announced a temporary suspension of cryptocurrency assets in Nigeria until the current wave of clampdown on operations settles. In a notice sent to customers on Friday and seen by Business Post, the platform said users won’t be able to fund their wallets using cryptocurrency as it allowed. The company revealed that it noticed that there has been an uptick in funding and possible gaming of the system, and warned against this. “We’re temporarily suspending crypto funding on Rise for users in Nigeria, pending clarity on the regulatory landscape.

More Stories
Image
19-October-2021

NASD, CSCS Open Week Positive at Unlisted Stock Market

By Adedapo Adesanya NASD Plc and Central Securities Clearing Systems (CSCS) Plc championed the 0.03 per cent appreciation at the NASD Over-the-Counter (OTC) Securities Exchange recorded on Monday, October 18. The duo increased the total value of securities at the unlisted stock market yesterday by N210 million to N617.20 billion from N616.99 billion and raised the NASD Unlisted Security Index (NSI) higher by 0.25 basis points to 747.05 points from the 746.80 points recorded at the previous session. At the market yesterday, NASD Plcappreciated by 35 kobo or 2.8 per cent to finish the trading session by N12.35 per unit

Image
29-May-2018

UK Expands Export Finance in West Africa

By Dipo Olowookere The United Kingdom has strengthen its presence in the West African to with the announcement of Ghana becoming the first nation in the region to have a representative of the world’s oldest export credit agency, UK Export Finance (UKEF) stationed in-country. Steve Gray, who will be taking up office at the British High Commission in Accra as the UKEF Country Manager, will work closely with the Department for International Trade team to strengthen trading relations between Ghana and the United Kingdom reaffirming the UK Government’s ambitions for more trade with the Ghanaian market. Through its local presence

Image
18-December-2019

May & Baker Signs Deal to Produce Sanofi Drugs

By Modupe Gbadeyanka May & Baker Plc has again cemented its position as one of the leading pharmaceutical manufacturing companies in Nigeria by signing an agreement with the local subsidiary of a notable French drugs company, Sanofi Nigeria Limited. A statement from May & Baker, also locally known as M&B, explained that it would use its facility in Nigeria, which conform with the standard set by the World Health Organisation (WHO), to produce four brands of Sanofi drugs specifically tailored for the Nigerian and West African markets.  “Under this agreement, May & Baker would use her World Health Organisation certified

Image
25-July-2022

SEC to Remove Needless Requirements for Efficient Capital Market

By Dipo Olowookere The Securities and Exchange Commission (SEC) has promised to review some of the rules guiding the capital market with a view to making them more flexible and attractive to investors. The Director-General of the agency, Mr Lamido Yuguda, while speaking recently in Lagos at the CEO Roundtable organised by the Nigerian Exchange (NGX) Limited, admitted that there are some requirements preventing companies from listing their shares for public trading, promising to collaborate with other regulatory organisations in the ecosystem to make them better. He said SEC was happy to have an engagement with other regulators and issuers

Image
09-June-2023

VikingGenetics, Arla Partner to Increase Cows’ Milk Yield in Nigeria

By Modupe Gbadeyanka An exclusive genetics partnership has been entered between VikingGenetics and Arla Foods to help meet Nigeria’s growing demand for dairy commodities. The deal will allow Arla, which launched its dairy farm in Kaduna State recently, to use 100 per cent X-Vik sexed semen from VikingGenetics bulls in the herd. By exclusively using sexed semen, the outcome will be even more VikingHolstein heifer calves to expand the herd. In the near future, heifers could also be sold to other farmers in Nigeria for them to benefit local production further. “Arla aims to increase the cows’ milk yield, and

Image
26-May-2023

Excitement as Nigerian Idol Season 8 Live Show Begins

By Modupe Gbadeyanka All is now set for the commencement of the Nigerian Idol Season 8 Live Show this weekend after the judges chose 10 contestants for the stage. The process started last December with entries received from across the country and reached its high point when the trio of Obi Asika, D’Bank, and Simi selected 10 budding singers from the 29 who made it to the theatre week. The live show is the crucial phase of Nigerian Idol, as the fate of the contestants is in the hands of the voting public. Savvy Henry, Constance, Goodness, Abraham, Quest, Precious

Image
27-September-2023

IPMAN Laments Secret Return of Fuel Subsidy Payments

By Adedapo Adesanya The Independent Petroleum Marketers Association of Nigeria (IPMAN) has raised the alarm over alleged secret reintroduction of fuel subsidy payments by the federal government. In late May, after taking the oath of office, President Bola Tinubu announced the total removal of subsidy on petrol, which saw prices jump to over N600. The removal of fuel subsidy and the resulting increment in the pump of petrol by almost 300 per cent had quadrupled the inflation rate in the country and affected the purchasing power of Nigerians, especially the middle class and low-income earners. It was expected that as

Image
21-December-2016

Minister Confirms Case of Lassa Fever in Ogun

By Modupe Gbadeyanka Minister of Health, Professor Isaac Adewole, has confirmed the death of a health practitioner as a result of Lassa Fever in Ogun State. This is contained in a statement released to the Press by the Press Unit of the Ministry on Wednesday, December 21, 2016. According to the press release, the Minister has also mandated the National Centre for Disease Control (NCDC) to release a detailed brief as soon as it concludes its investigations. Professor Adewole further called on members of the public to be calm, and seek care in health care facilities. “Anybody with symptoms which

Ad
Ad
Recent Stories
Image
02-March-2024

JUST IN: Nollywood Star Mr Ibu Dies

By Modupe Gbadeyanka Information just reaching Business Post indicates that popular Nigerian actor, Mr John Okafor, otherwise known as Mr Ibu, is dead. It was gathered that the Nollywood star breathed his last on Saturday in a hospital in Lagos. His demise comes a day after the Nigeria film industry lost an actor, Mr Tolani Quadri Oyebamiji, well-known as Sisi Quadri. Mr Ibu underwent a surgery, which led to the amputation of one of his legs. He was later discharged from the hospital, but was reportedly taken back. Until his death, he acted in several movies. He was well known

Image
02-March-2024

African Bishops Seek Overhaul of Financial System as Debt Burden Worsens

African Catholic Bishops called for an overhaul of the financial system to address health, climate, food and other challenges the region faces. Ahead of a gathering of African Finance Ministers in Victoria Falls, Zimbabwe, the Justice, Peace and Development Commission of the Catholic Symposium of Episcopal Conferences of Africa and Madagascar (SECAM) outlined reforms for debt relief, development resources and governance. “In Sub-Saharan Africa the number of people facing food insecurity stress or crisis has more than doubled since 2019, reaching 420 million people last year,” noted the bishops in a statement. A delegation representing the African Bishops and religious

Image
02-March-2024

MTF Class of 2023 to Premiere Her Dark Past, Grown

By Modupe Gbadeyanka Two feature films will be premiered this weekend exclusively on the Africa Magic Showcase channel 151 and Africa Magic Urban channel 153 by the students of the MultiChoice Talent Factory (MTF). The two pieces of art titled Grown and Her Dark Past are the final projects of the MTF Class of 2023 students, a statement from the organisation said. The MTF is a leading film school in West Africa for young, talented and passionate filmmakers. It was established by the media platform to grow the region’s creative industry. Grown premieres on Africa Magic Showcase at 8.30 pm

Image
02-March-2024

Mandela’s Heirs Lose Power in South Africa

By Alexander Braterskiy South African authorities warn that if the opposition wins the parliamentary elections, the country may change course and leave the informal BRICS economic bloc, which includes Russia. The position of the African National Congress party, which has been in power since the collapse of apartheid, is indeed not the best, as shown by the municipal elections held earlier in the country. The opposition accuses the president of corruption and abuse of power, as well as an inability to cope with the country’s energy crisis. The ANC crisis occurred on the 30th anniversary of the first free elections

Image
02-March-2024

CAA Reaffirms Commitment to Climate Innovation for Sustainable Future

By Modupe Gbadeyanka A leading social enterprise focused on environmental sustainability, Climate Action Africa (CAA), has reaffirmed its commitment to being at the forefront of driving climate innovation for a sustainable future. The organization, which is a key participant at the four-day Omniverse Summit 2024 in Lagos, emphasised the need to integrate environmental sustainability models, technology, and community-driven innovation to address climate change challenges. It promised to foster an inclusive climate action ecosystem through innovation, which it said can be used to identify and scale solutions to address the imminent climate crisis in Nigeria and Africa as a whole, The

Image
02-March-2024

Endosurvivors Foundation Set For Another Endometriosis Awareness

By Adedapo Adesanya EndoSurvivors International Foundation (ESIF), an NGO championing endometriosis awareness in Nigeria, has announced its upcoming events in commemoration of the Global Endometriosis Advocacy Month in March, fondly tagged March4Endo by advocates all over the world.  Endometriosis is a chronic and inflammatory condition that affects approximately 1 in 10 girls and women in Nigeria and on a global scale. This sums up to about 190 million affected girls/women around the world, about the population of Nigeria in 2018.  The World Health Organisation (WHO) recognizes that endometriosis has significant social, public health, and economic implications leading to a decrease

Image
02-March-2024

CSCS, FrieslandCampina Lift NASD OTC Bourse by 0.31%

By Adedapo Adesanya The NASD Over-the-Counter (OTC) Securities Exchange returned to the positive territory after it gained 0.31 per cent on Friday, March 1, thanks to the duo of Central Securities Clearing System (CSCS) Plc and FrieslandCampina Wamco Nigeria Plc. CSCS Plc added 81 Kobo to its value to sell for N19.46 per unit compared with the preceding day’s N18.65 per unit, and FrieslandCampina improved by N1.15 to settle at N71.4o per share, in contrast to Thursday’s closing price of N70.25 per share. However, Aradel Holdings Plc continued its price depreciation yesterday as it shed N6.75 to sell at N2,395.00

Image
02-March-2024

Naira Now N1,548.25 at Official Market, N1,560/$1 at Black Market

By Adedapo Adesanya The Naira sustained its gradual recovery against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Friday, March 1, appreciating by 2.94 per cent or N46.86 to sell at N1,548.25/$1, in contrast to the N1,595.11/$1 it was traded on Thursday. Also, in the spot market, the Nigerian currency improved its value against the Pound Sterling during the trading day by N90.13 to close at N1,956.06/£1 versus the previous day’s N2,046.19/£1 and against the Euro, it gained N76.39 to trade at N1,675.25/€1, in contrast to the N1,751.64/€1 it closed a day earlier. The supply of

Image
02-March-2024

Crude Oil Jumps 2% as Traders Sight Possible OPEC+ Cuts

By Adedapo Adesanya Crude oil appreciated by about 2 per cent on Friday as traders awaited a decision from the Organisation of the Petroleum Exporting Countries and allies (OPEC+) on supply agreements for the second quarter. Yesterday, the price of Brent futures went up by $1.64 or 2 per cent to $83.55 per barrel and the US West Texas Intermediate (WTI) futures rose by $1.71 or 2.19 per cent to $79.97 a barrel. For the week, Brent added around 2.4 per cent while WTI gained more than 4.5 per cent. Analysts noted that the expectation that OPEC+ is going to

Image
02-March-2024

NGX Indices Nosedive by 1.23% as Traders Resume Profit-Taking

By Dipo Olowookere The bears made a quick return to the Nigerian Exchange (NGX) Limited after leaving the stage for the bulls for a day as investors reassessed the impact of the hike in the benchmark interest rate by the Central Bank of Nigeria (CBN) on Tuesday on their investments. On Friday, the key performance indicators of the bourse closed lower by 1.23 per cent as a result of renewed selling pressure, especially in the energy and industrial goods sectors. Business Post reports that at the close of transactions on the first trading session of March 2024, the industrial goods