Dangote Sugar plans N500bn rights issue for expansion

By Abubakar Yunusa

Dangote Sugar Refinery Plc has unveiled plans to raise up to N500bn through a Rights Issue, pending regulatory approvals.
The move, the company said, is aimed at strengthening its capital base and positioning it for future growth.
This was disclosed in a statement signed by the Company Secretary, Mrs Temitope Hassan, after the firm’s 20th Annual General Meeting held in Lagos.
The company noted that the proposed capital raise reflects its strategy to reinforce its financial standing and expand operations across key markets.
It added that shareholders had approved the plan to raise funds through the issuance of ordinary shares.
“The Directors of the Company be and are hereby authorised to raise capital of up to N500bn by way of Rights Issue through the issuance of ordinary shares, on such terms and conditions and at such time as the Directors may deem fit,” the statement read.
Dangote Sugar further stated that the Rights Issue could be underwritten, subject to terms approved by the Board and relevant regulatory authorities.
It also explained that any shares not taken up by existing shareholders might be offered to other interested investors.
According to the company, the initiative is designed to boost its financial capacity and support long-term growth objectives.