Dangote Sugar Raises 368 Million
Dangote Sugar Refinery has raised about 368 million dollars in a major rights issue. The move lists billions of new ordinary shares on the stock exchange.
Nigeria's Dangote Sugar Refinery raised 486 billion naira ($368 million) through a rights issue, according to a stock exchange market bulletin published on Monday morning. The capital injection lists roughly 8.1 billion new ordinary shares, expanding total paid-up share capital to 20.2 billion ordinary shares. The move strengthens the balance sheet as the broader conglomerate prepares for a larger initial public offering of its oil refinery business.
