Dangote Sugar Refinery Plc has raised N498.57 billion after its rights issue attracted subscriptions worth 102.6 per cent of the shares offered to investors.
The company received valid applications from 8.309 billion ordinary shares, more than 8.098 billion ordinary shares issued in 211.53 million units. The price per share is N60, and shareholders will be offered two new shares for every three shares as of April 20, 2026.
14,595 valid applications were received before the June 24th deadline. The allotment’s basis was approved by the Securities and Exchange Commission, and the successful applicants are expected to see their shares registered in their Central Securities Clearing System accounts.
The News Chronicle reports that 13,426 shareholders exercised their full allotment rights which amounts to 6.986 billion shares valued at N419.18 billion, but 1,047 investors exercised their partial acceptance of the shares.
It will boost the company’s finances and facilitate its backward integration programme to supplement its production capacity of local sugar in an bid to reduce reliance on imported sugar.
Dangote Sugar plans to clear 45,000 hectares of land and produce 1.5 million metric tonnes of sugar from sorghum.
The new funds from the share offer will provide Dangote Sugar the much needed financial muscle to drive its expansion agenda as it also reduces its exposure to foreign exchange fluctuations and promote local sourcing.
