Dangote Sugar Refinery Reduces Shares Capital by 2.853 Billion

Dangote Sugar Refinery Plc has reduced its Share Capital by 2.853 billion at the 16th general meeting held on the 15th of June.

In a report obtained by Investors King, the resolutions held at the meeting stated that the Share Capital of the company should be reduced from 15 billion Ordinary Shares of 50 kobo each to 12.146 billion – by that, proposing the cancellation of 2,853,121,759 unissued Ordinary Shares of 50 kobo each.

The company also proposed an amendment of its Memorandum of Association stating that the Share Capital which is N6,073,439,120.50 be divided into 12,146,878,241 Ordinary Shares of 50 Kobo each.

In addition, Investors King observed that Clause 46 of the Company’s Articles of Association had a proposed amendment stating, “a member has the right to appoint a proxy to attend and vote in his/her stead and the proxy need not be a member of the Company’’.

Also, Clause 67 of the Company’s Articles of Association (Quorum/Proceedings of Directors) which reads: “the general meeting may fix the quorum necessary for the transaction of the business of Directors, and unless so fixed shall be two” be expunged and subsequent Clauses of the Articles be re-numbered seriatim.

Likewise, Clause 72 (e) of the Company’s Articles of Association, which reads: “a Director shall vacate office if he attains the age of 70 (seventy) years’’ be expunged and subsequent Clauses of the Articles be renumbered seriatim.

Meanwhile, the company’s Board also approved paying a dividend of  N1.00 per ordinary share of 50 Kobo to registered members as at the close of business on the 1st of June.