Dangote Sugar Refinery Plc has announced plans to raise up to N500 billion through a Rights Issue, subject to regulatory approvals.
This is part of efforts to strengthen its capital base and support future growth.
The development was disclosed in a statement signed by the Company Secretary, Mrs. Temitope Hassan, following the company’s 20th Annual General Meeting held in Lagos.
The proposed capital raise underscores the company’s strategy to reinforce its financial position and expand operations across its key markets.
The company said shareholders have approved the plan to raise capital through the issuance of ordinary shares.
“The Directors of the Company be and are hereby authorised to raise capital of up to N500 billion 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 company added that the Rights Issue may be underwritten, depending on terms approved by the Board and regulatory authorities.
It also noted that any shares not taken up by existing shareholders may be offered to other interested investors.
The company stated that the initiative is aimed at strengthening its financial capacity to support long-term growth objectives.
