Dangote Sugar Refinery, a leading sugar producer in Nigeria and a member of the Dangote Group, has unfolded a plan to raise N200 billion from the capital market to enhance its business.
According to a notice to the Nigerian Exchange Limited and the capital market community by its Company Secretary and Legal Adviser, Mrs. Temitope Hassan, the intention has been registered with the apex capital regulatory authority, the Securities and Exchange Commission.
The statement said, “Dangote Sugar Refinery Plc (“DSR” or the “Company”) hereby notifies the Nigerian Exchange Limited (the “Exchange”) and the general public of the successful registration of its N200 Billion multi-instrument issuance programme (the “MultiInstrument Issuance Programme”) with the Securities and Exchange Commission.”
According to Mrs Hassan, the registration of the multi-instrument issuance programme represents a significant step for DSR and reinforces the Company’s commitment to diversifying its funding sources in alignment with its corporate objectives.
“The Management of the Company will take decisions to proceed with issuances of any series of securities under the Multi-Instrument Issuance Programme in due course, subject to prevailing market conditions and obtaining relevant regulatory approvals. The specific details of such issuance will be disclosed in the appropriate transaction documents at the relevant time.
“This announcement does not constitute an offer to sell securities under the Multi-Instrument Issuance Programme. Investment decisions to participate in any issuance, and subscribe for securities under the Programme will be made based on the investor’s review of the information contained in, and incorporated by reference into, the Shelf Prospectus and Pricing Supplement to be published upon obtaining regulatory approval; and after due consultation with its Stockbroker, Solicitor, Accountant, Banker or an Independent Investment Adviser,” she warned.