Exchange approves Dangote Flour application for listing
Category: Public Offers Private Placements
August 29, 2007/ Guardian
Nigerian Stock Exchange\'s council has given its nod to the bid by the Dangote Group to list the shares of another company, Dangote Flour Plc on the official list.
Post listing, the company\'s shares will become tradable on the Nigerian Stock Exchange and investors would be able to make money from it.
Director-General of the Nigerian Stock Exchange, Professor Ndi Okereke-Onyiueke, who disclosed this yesterday said the group, will soon float its cement company, while urging other wealthy Nigerians to emulate the moves by Alhaji Aliko Dangote to make Nigerians wealthier by floating his companies on the Nigerian Stock Exchange.
She said: \"The Nigerian Stock Exchange yesterday (Monday), approved the application of Dangote Flour for listing and the offer will come to market soon. After Dangote Flour, the cement company will also come. I like to see Nigerians like Alhaji Dangote who helps to pull people up.\"
Earlier, at the presentation of the facts behind the figures of Dangote Sugar Refinery yesterday, Alhaji Aliko Dangote told stockbrokers that the company would pay a total dividend of N20 billion or more this year, considering the N8 billion already paid in the first and second quarters.
Preparatory to the payment, he urged stockbrokers to advise their clients accordingly, to open bank accounts into which such dividends would be paid, to facilitate easy payment.
His words: \"We plan to pay N20 billion dividend at the end of the year, we have paid N4 billion and will pay another N4 billion on Monday.
He added that the company would soon commence operations in Ghana and Angola.
\"We plan to start operations in Ghana next year, and we will ship over 250 containers by September 15, 2008. We will also commence operations in Angola, a country which consumed more sugar than Nigeria, Angola by sea is half a day to Europe, so we are seizing the opportunity to establish our refinery there which would be ready next year.\"
Speaking at the meeting, the company\'s Managing Director, Mr. Abdulahi Sule said the company will make a profit of over N20 billion this year, and it plans to commence the production of brown and liquid sugar soon.
He added that the company plans to produce 1.1 million metric towers of sugar by first quarter of 2005 while plans are underway to expand to other West African countries.