Breaking News
Translate

Dangote Group plans merger of sugar businesses

Kindly Share This Story:
Dangote, cement
President of the Dangote Group, Alhaji Aliko Dangote

By Nkiruka Nnorom

Dangote Group Plc has announced the intention to merge the operations of two of its subsidiaries, Dangote Sugar Refinery (DSR) Plc and its subsidiary Savannah Sugar Company Limited (SSCL) into a single entity.

Dangote farms flags-off distribution of hybrid tomato seedlings to farmers in Kano‎

Savannah Sugar Company is a private limited liability company engaged in sugar cane farming and sugar milling.

The business combination, which would be consummated through a Scheme of External Restructuring, will result in the transfer of all assets and liabilities of Savannah Sugar to DSR Plc.

In a filing to the Nigerian Stock Exchange, (NSE), signed by Chioma Madubuko, Secretary, DSR, the company said: “It is expected that the Scheme will involve the transfer of all assets, liabilities and undertakings of SSCL to DSR and the cancellation of the entire issued share capital of SSCL with DSR emerging as surviving entity.”

Buhari lauds Bill Gates, Dangote for service to humanity

The company stated that the transaction would be subject to the receipt of approval of shareholders of DSR and SSCL at separate court-ordered meetings as well as the receipt of regulatory approval from the Securities and Exchange Commission (SEC) and the Federal Competition & Consumer Protection Commission.

Vanguard

Kindly Share This Story:
All rights reserved. This material and any other digital content on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from VANGUARD NEWS.

Disclaimer

Comments expressed here do not reflect the opinions of vanguard newspapers or any employee thereof.
Do NOT follow this link or you will be banned from the site!