Dangote Sugar begins a N200 billion capital campaign.


 

A N200 billion capital raising initiative has been started by Dangote Sugar Refinery (DSR) Plc with the goal of substantially diversifying the balance sheet of the business.

Through any manner of equity and debt issuance, the company can raise additional capital under the N200 billion multi-instrument issuance programme registered with the Securities and Exchange Commission (SEC).

According to the company's board, registering the multi-instrument issuance programme was a big step since it shows the company is committed to expanding its funding sources to support its goals.

Subject to current market conditions and gaining necessary regulatory permissions, the company's management will decide when to proceed with issuing any series of securities under the multi-instrument issuance plan.

"The particulars of this issuance will be revealed in the relevant transaction documents at the appropriate moment," the board said in a Nigerian Exchange regulatory filing (NGX).

Nigeria's largest producer of both household and commercial sugar is the Dangote Sugar Refinery, which has a refining capacity of 1.44 million metric tonnes at one location. The Apapa Wharf Ports Complex refinery processes raw sugar imported from Brazil to produce refined, granulated white sugar that is fortified with vitamin A and appropriate for both industrial and home use.

The company wants to become a major player in the global sugar industry by using locally farmed sugar cane to produce 1.5 million metric tonnes of refined sugar annually for both domestic and international markets.

Dangote Sugar Refinery purchased Savannah Sugar Company Limited, which is based in Numan, Adamawa State, in December 2012 with the intention of achieving its commercial objectives. The company then proceeded to expand its 32,000 hectare sugarcane field and renovate its existing facilities. After the DSR and Savannah Sugar Estate merger plan was finalised in September 2020, a larger, stronger company with significant growth potential and the ability to provide superior advantages to all stakeholders was born. In order to fulfil DSR's sugar for Nigeria development master plan, the sugar estate was expanded and renovated, and a greenfield site was developed at Tunga, Nasarawa State.


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