adsDangote Sugar Refinery Plc has officially launched its massive capital raise, opening a N485.9 billion Rights Issue (out of an approved N500 billion ceiling) aimed at restructuring its balance sheet and fast-tracking its aggressive expansion goals.
The agro-industrial giant is offering 8,097,918,827 new ordinary shares at N60 per share, structured on the basis of two new ordinary shares for every three existing shares held by qualifying shareholders as at the close of business on April 20.
Dangote Sugar Refinery Plc, a subsidiary of Dangote Industries Limited, is engaged in the refining, distribution, and marketing of granulated sugar to wholesalers and major players within the food and beverage, pharmaceutical, and personal care industries.
The capital inject will target critical corporate objectives like the funding the “Sugar for Nigeria” initiative to hit a domestic production target of 1.5 million metric tonnes annually; reducing heavy finance costs and foreign exchange exposures that heavily impacted previous fiscal years; and boosting infrastructure, including upgrading existing refinery and developing greenfield sites. Related News Stewardship, not seizure: What the Union Bank case is really about Airline operators deny owing cost recovery charges to NCAA Africa Soft Power Summit calls for stronger African ownership of culture, capital
