Dangote Sugar raises N485.9 billion as investors oversubscribe rights issue
Dangote Sugar Refinery Plc has successfully raised N485.9 billion through its Rights Issue after investors fully subscribed to the offer. The post Dangote Sugar raises N485.9 billion as investors oversubscribe rights issue appeared first on Nairametrics .
Dangote Sugar Refinery Plc successfully raised N485.9 billion through its Rights Issue, with investors fully subscribing to the offer that exceeded the number of shares available. The company issued 8.10 billion ordinary shares at N60 each, attracting 14,595 valid applications for 8.31 billion shares worth N498.57 billion, a 102.6% subscription rate.
However, the final allotment was limited to 8.10 billion shares, valuing at N485.88 billion, after a major shareholder reduced their request. The allotment process obtained SEC approval, and share allocations will be credited to successful applicants' Central Securities Clearing System (CSCS) accounts by August 14, 2026. Investors without CSCS accounts will receive their shares via their Registrar Identification Number (RIN).
The remaining excess funds will be refunded by the same date. The Rights Issue is part of Dangote Sugar's strategy to strengthen its balance sheet and fund expansion plans, following a 12.2% decline in revenue to N187.7 billion.
Written by urgent.news from Nairametrics's reporting — not their text. Machine-written — it may contain errors, so check the original before relying on it.
