Aduragbemi Omiyale
By Aduragbemi Omiyale
The merger terms among Dangote Rice Limited, NASCON Allied Industries (NASCON) Plc, and Dangote Sugar Plc have been agreed upon.
Dangote Sugar confirmed this development on Wednesday in a statement filed to the Nigerian Exchange (NGX) Limited.
The three organisations are planning to become a single entity, and they needed to tidy up all the terms and conditions for a seamless transition.
In the notice yesterday, the sugar maker said it would now apply to the Securities and Exchange Commission (SEC) “for the approval of the scheme, and subject to the approval of the SEC, will apply to the Federal High Court for an order to convene a meeting of its shareholders to consider the scheme.”
Based on what was agreed, 11 ordinary shares of Dangote Sugar will be swapped for 12 NASCON shares, totalling 2,428,651,847 new ordinary shares of Dangote Sugar.
Also, 14 ordinary shares of Dangote Sugar will be exchanged with one ordinary share of N1.00 each in Dangote Rice, totalling 2,775,792,508 new ordinary shares of Dangote Sugar.
Dangote Sugar, Dangote Rice, and NASCON are all owned by the popular Nigerian billionaire businessman, Mr Aliko Dangote, through Dangote Industries Limited.
Last month, Dangote Sugar announced its intention to merge all these entities to consolidate and solidify the group’s market position and ultimately reposition it to harness future opportunities in the food industry.
