Dangote Sugar Shareholders Okay N500bn Rights Issue, Share Capital Increase  

Shareholders of Dangote Sugar Refinery Plc have approved a plan to raise up to ₦500 billion through a rights issue, as part of resolutions passed at the company’s 20th Annual General Meeting (AGM) last Wednesday in Lagos.

The meeting also empowered the directors to have the rights issue underwritten on terms they may agree, once all necessary regulatory clearances are obtained.

In addition, shareholders approved that any shares not taken up by existing shareholders within the stipulated offer period may be offered to other shareholders who have indicated interest in purchasing additional shares, in line with applicable regulations.

To accommodate the new ordinary shares to be issued, the company’s share capital will be increased by the exact number of shares required once the final terms of the rights issue are determined by the board.