NIGERIA – Dangote Sugar refinery Plc (DSR), a subsidiary of the Dangote Group, has disclosed that it has listed 146,878,241 additional ordinary shares on the Nigerian Stock Exchange (NSE).
The additional shares were necessitated by the recent merger between the sugar refinery with Savannah Sugar Company Limited and was in line with the resolution passed at a Court-Ordered meeting of members of Dangote Sugar Refinery Plc in July.
According to a statement from Dangote Sugar, the additional ordinary shares of 50 kobo listed are in consideration of the transfer of all assets, liabilities and business undertakings, including real property and intellectual property rights to DSR by Savannah Sugar.
The shares according to Dangote Cement shall be issued and allotted to the shareholders of SSCL (The Scheme Shareholders), in place of 162,756,968 ordinary shares held by the Scheme Shareholders in SSCL before the merger with DSR.
With the listing of the additional 146,878,241 ordinary shares, the total issued and fully paid-up shares of Dangote Sugar Refinery Plc now stand at 12,146,878,241 ordinary shares of 50 kobo each.
In August, the Sugar refinery released its half year 2020 results, showing that the company’s total turnover was up by 28.46% to N103 billion (US$ 268.20 million) from N80 billion (US$ 208.31 million) recorded same period last year.
The company, according to its result, also ended the period with a Profit after tax (PAT)of about N11.581 billion (US$30 million) in contrast to the PAT of N10.976 billion (US$ 28.58 million) recorded same period last year.
The Dangote Sugar Refinery PLC (DSR) completed the merger with Savannah Sugar Company Ltd in July, a move which according to Dangote Group Chairman, Aliko Dangote would create a new more robust sugar company with an installed capacity of 1.4 MMT/per annum.
Through the merger, Dangote Sugar would have an opportunity to leverage sugar plantations that were previously owned by Savannah Sugarcane plantation to enhance its production capacity.
The now defunct Savannah Sugar was located on a 32,000 ha of land in Numan Adamawa in the North East Area of Nigeria, and had a milling capacity of 50,000 tonnes per annum.
The new combined sugar entity intends to rehabilitate the sugar mill at Numan Adamawa and expand sugar production to 260,000 tonnes per annum from its own sugar plantations.
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