Nigeria: NSE approves merger of Dangote Sugar and Savannah Sugar

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The combination of assets of Dangote Sugar Refinery and Savannah Sugar Company has been approved by the Nigerian Stock Exchange (NSE), according to Naija247 News.

Dangote Sugar Refinery will issue 146,878 million ordinary shares to shareholders of Savannah Sugar Company.

Dangote Sugar, Nigeria’s largest producer of household and commercial sugar, has said that its integration goal is to become a global force in sugar production, producing 1.5 metric tonnes of refined sugar annually for the domestic and export markets in 10 years.

Dangote has already incorporated four other companies, including Nasarawa Sugar Company, Dangote Taraba Sugar, Dangote Adamawa Sugar and Dangote Niger Sugar.

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