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Dangote Sugar Refinery Plc., in an announcement to the Nigerian Alternate Restricted and the investing public, confirmed on July 31, 2023, its plan to merge with NASCON Allied Industries Plc. and Dangote Rice Restricted. The board of administrators gave their advice for the proposed merger on July 28, the identical day NASCON’s board authorised the identical plan.
The proposed merger, which is ready to be executed as an inside restructuring by way of a Scheme of Merger, is topic to settlement on phrases and situations by all concerned events, specifically Dangote Sugar Refinery, NASCON, and Dangote Rice Restricted. All three companies are subsidiaries of Dangote Industries Restricted.
The board’s resolution aligns with NASCON’s earlier press launch, the place the corporate outlined an identical plan, noting that the merger is topic to regulatory and shareholder approvals.
Dangote Sugar will apply for the Securities and Alternate Fee’s approval of the Scheme, and the merger can be contingent on approvals from shareholders on the respective Court docket-Ordered Conferences and the sanction of the Federal Excessive Court docket.
Dangote Sugar highlighted that the merger would consolidate and strengthen the Group’s market place and lay the inspiration to benefit from future alternatives within the meals trade.
Additional particulars on the merger might be shared as soon as all needed approvals have been acquired from shareholders and regulators. In the meantime, shareholders have been suggested to train warning when coping with the shares of the Firm till a subsequent announcement is made.
Nairametrics will proceed to supply updates on this growing story, retaining its finger on the heartbeat of one of many probably most transformative offers in Nigeria’s meals sector.
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