Dangote Sugar Refinery has raised $356 million through a share sale as Nigeria’s biggest sugar producer moves to strengthen its balance sheet, reduce debt and expand local sugar production.
The company raised ₦486 billion through an oversubscribed rights issue, selling 8.1 billion shares at ₦60 each, according to a filing with the Nigerian Exchange Group (NGX).
The rights issue, launched on May 25, offered existing shareholders two new shares for every three shares held. The proceeds will support Dangote Sugar’s integrated sugar projects and broader plans to expand sugarcane cultivation and processing across Nigeria.
Dangote Sugar targets local production
The company aims to significantly increase sugar production from locally grown sugarcane, with a long-term target of 1.5 million tonnes annually.
