May 17, 2012/Temple ASAJU/PROSHARE
Dangote Sugar Refinery concluded its 6th Annual General Meeting (AGM) today. Noticeable was the deliberate emphasis placed on explaining to shareholders about the various actions being undertaken to improve the fortunes of the company.
Chairman of the Board of Directors, Dangote Sugar Refinery Plc (DSR) and President Dangote Group of Industries, Alhaji Aliko Dangote emphasised the company’s core strategy on backward integration saying “the buying over of Savannah Sugar will enhance the local production of home grown materials for sugar processing rather than importing same from abroad.”
Alhaji Dangote added that with time, the expansion project of the sugar refinery will focus on the remarkable production of about a million tons of sugar which should allow itb create more job opportunities for the unemployed; and complete its service loop to the society/communities.
Dangote Sugar Refinery Plc returned a gross earnings of N106.5million in its FYE for the period ended December 31, 2011. The Board of Directors proposed 30kobo dividend to shareholders prior the AGM while the AGM held today witnessed the ratification of the proposal by the shareholders.
Dangote Sugar Refinery commenced operations in January 2006 after it was spun-off as a subsidiary through a scheme of arrangement, which transferred all assets, liabilities and undertakings attributable to the Sugar division of Dangote Industries Limited (DIL) to Dangote Sugar Refinery Plc.