- Dangote Sugar Refinery to Merge With Savannah Sugar
Dangote Sugar Group on Monday announced that the Board of Directors of Dangote Sugar Refinery Plc has recommended a business combination of Dangote Sugar Refinery Plc and Savannah Sugar Company Limited (SSCL), a private limited liability company engaged in sugar cane farming and sugar milling.
In the statement released through the Nigerian Stock Exchange (NSE) and signed by the company’s secretary/legal adviser, Mrs. Chioma Madubuko, the company said: “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.”
The statement added that further announcements on the deal would be provided to the market.
