Dangote Sugar has received shareholders’ nod to raise half a trillion naira by way of rights issue, the sugar manufacturer stated in the outcome of its 20th annual general meeting, posted on the Nigerian Exchange’s website on Monday.
The planned share sale to shareholders requires the approval of relevant regulatory authorities to fly, while the terms and conditions, as well as the time of the offer, will be decided by the board of directors of the company.
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“Any shares not taken up by existing shareholders within the period stipulated under the Rights Issue may be offered to shareholders of the company that have indicated interest in purchasing additional shares, on such terms and conditions as may be determined by the Directors, subject to complying with relevant regulatory requirements,” the company said in the statement.
The company’s current liabilities – short-term financial obligations that must be paid within one year – stood at N791.8 billion as of the end of last year, 0.9 per cent lower than a year ago.
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Financial liabilities, accounted for the bulk of the sum, standing at N688.1 billion, up from N680.3 billion, driven by a surge in commercial paper issuances during the year.
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In the year under review, net loss dropped to N64.1 billion from N192.6 billion. That followed a net finance loss of N170.8 billion, which compares to the N293.7 billion reported a year earlier.
Shareholders of Dangote Sugar also authorised the board of directors to pass a relevant resolutions increasing the company’s share capital by the specific number of new ordinary shares required for the rights issue and allot the new ordinary shares on completion of the rights issue, including dealing with fractional shares in accordance with applicable law.
The assets of the company totalled N965.9 billion as of 31 December last year, down from N1.1 trillion a year earlier after a considerable fall in cash and cash equivalents as well as inventories.
The company is currently worth N826 billion in market value.
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