Business a.m.
Dangote Sugar Refinery (DSR) Plc has announced an ambitious N200 billion capital raising programme aimed at strengthening the company’s balance sheet and facilitating greater diversification.
The leading player in the Nigerian sugar industry registered a multi-instrument issuance programme worth N200 billion with the Securities and Exchange Commission (SEC). The move is set to see the company pursue capital through diverse means, whether it be equity or debt issuances, offering a versatile approach to its capital raising strategy.
Dangote Sugar Refinery Plc’s board stated that the registration of the N200 billion multi-instrument issuance programme is a crucial step that reaffirms the company’s commitment to diversifying its funding sources.
“The management of the company will take decisions to proceed with issuances of any series of securities under the multi-instrument issuance programme in due course, subject to prevailing market conditions and obtaining relevant regulatory approvals.
“The specific details of such issuance will be disclosed in the appropriate transaction documents at the relevant time,” the board stated in a regulatory filing at the Nigerian Exchange (NGX),” Dangote Sugar stated.
Dangote Sugar Refinery Plc stands as Nigeria’s leading producer of refined sugar, boasting an impressive refining capacity of 1.44 million metric tonnes at its single-site Apapa Wharf Ports Complex refinery. With its strategically located facility, DSR Plc imports raw sugar from Brazil, meticulously refining it into high-quality Vitamin A fortified white granulated sugar, catering to both household and industrial needs across the nation.
The company has set its sights on becoming a global force in sugar production, embarking on an ambitious backward integration plan to produce 1.5 million metric tonnes of refined sugar annually from locally grown sugarcane.
