Dangote Sugar Registers N200bn Multi-instrument Issuance Programme With SEC

Dangote Sugar Refinery Plc said it has registered its N200 billion multi-instrument issuance programme with the Securities and Exchange Commission (SEC).

The company made this known through a statement signed by its company secretary/legal adviser, Temitope Hassan released on the Nigerian Exchange.

The statement said the registration of the multi-instrument issuance programme represents a significant step for Dangote Sugar and reinforces the Company’s commitment to diversifying its funding sources in alignment with its corporate objectives.

“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. This announcement does not constitute an offer to sell securities under the multi-instrument issuance programme. Investment decisions to participate in any issuance, and subscribe for securities under the programme will be made based on the investor’s review of the information contained in, and incorporated by reference into, the Shelf Prospectus and Pricing Supplement to be published upon obtaining regulatory approval; after due consultation with its Stockbroker, Solicitor, Accountant, Banker or an Independent Investment Adviser,” it added.

The company is a subsidiary of Dangote Industries Limited and is engaged in the refining, distributing, and marketing of granulated sugar to wholesalers and top players in the skin care, food and beverage, and pharmaceutical industries.

Dangote Sugar is Sub-Saharan Africa’s largest sugar refinery, with a combined installed refining capacity of 1.49 MMT per annum. In the medium term, the Company is targeting an additional 1.5MMT of refined sugar from locally grown sugarcane and is on track to becoming a leading global integrated sugar producer with its backward integration plan.