Proshare Logo
   Market Date: 27-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Dangote Sugar acquires 75% stake in Savannah Sugar

Category: Investors NewsBeat

  Read (3839)
Dangote Sugar acquires 75% stake in Savannah Sugar

August 14 , 2008


Proshare NI

August 14, 2008 at 08:47 GMT

Dangote Sugar Refinery Plc is to acquire 75 percent stake in Savannah Sugar Company Limited to boost local production and reduce cost of importation of raw sugar.

Engr. Abdullahi Sule, Managing Director/Chief Executive Officer (MD/CEO) of Dangote Sugar confirmed this in LagosNigeria at the presentation of the company’s “Facts behind the Figures  at the Floors of the Nigerian Stock Exchange (NSE).

“Dangote Sugar Refinery would indeed acquire 75 percent of the company in order to boost its operations  he said.

Sule affirmed that an integrated sugar company like Savannah Sugar would employ not less than 12,000 to 13,000 Nigerians by the time it is producing about 400 metric tonnes of Sugar.

Dangote Sugar Refinery market research affirms that the company has over 70 percent of the domestic sugar sales market share.

The acquisition of the Savannah Sugar Company is part of the Dangote Sugar Refinery’s goal is to become a global, integrated, low cost sugar producer focused on maximising long-term shareholder returns while establishing a leading presence in domestic and regional African markets, with increasing international focus.

As earlier reported, Dangote Sugar Refinery in its Half Year result released on the Floors of the NSE made a Profit before Tax (PBT) of over N17 billion.

The company has also proposed to give interim dividend of 85 Kobo to its investors, “we are giving over N10 billion back to the shareholders in the form of dividend. Dangote Sugar is giving 85 Kobo per share interim dividend  Sule said.

Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Investors NewsBeat

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014