DANGOTE Sugar Refinery (DSR) has completed the acquisition of Savannah Sugar Company Limited with the listing of more shares that arose from the deal at the Nigerian Stock Exchange.
A total of 146.88 million ordinary shares were added to the shares outstanding in the name of Dangote Sugar Refinery (DSR) on the main board of the NSE.
The new shares arose from the merger between DSR and Savannah Sugar Company. With the new listing of 146.88 million ordinary shares, the total issued and fully paid up shares of DSR increased from 12 million to 12.147 million ordinary shares of 50 kobo each.
Shareholders of DSR had earlier approved the acquisition of Savannah Sugar Company Limited (SSCL), a subsidiary of DSR, in a deal aimed at further integrating the operations of the group.
With the approval, a total of 146.878 million ordinary shares of Dangote Sugar Refinery were issued as consideration for 162.76 million ordinary shares of 50 kobo each held by shareholders of SSCL.
