Monday, November 04, 2019
/6:31 PM / By NSE / Header Image Credit: Dangote Sugar
This is to inform the investing public that the Board of Directors of Dangote Sugar Refinery Plc (DSR) has recommended a business combination via a scheme of external restructuring (Scheme) which will culminate in the merger of DSR and its subsidiary, Savannah Sugar Company Limited (SSCL), a private limited liability company engaged in sugar cane farming and sugar milling (the Transaction).
It is expected that the Scheme will involve the transfer of all assets, liabilities and undertakings of SSCL to DSR and the cancellation of the entire issued share capital of SSCL with DSR emerging as the surviving entity.
The Transaction will be subject to the receipt of the approval of the shareholders of DSR and SSCL at duly convened separate court ordered meetings of DSR and SSCL respectively as well as, the receipt of regulatory approvals of the Securities & Exchange Commission and the Federal Competition & Consumer Protection Commission.
Further announcements on the Transaction will be provided to the market as the Transaction progresses.