Dangote Sugar Refinery has been authorised to obtain all of the belongings, liabilities and enterprise undertakings, and property rights of Savannah Sugar Firm Restricted (SSCL).
This was one of many resolutions handed on the court-ordered assembly of the members of Dangote Sugar Refinery Plc held on Thursday on the Eko Lodge & Suites, Victoria Island, Lagos.
Based on the notice of the proceedings despatched to the Nigeria Inventory Trade, and seen by Nairametrics, Dangote Sugar Refinery “is hereby authorised to obtain all of the belongings ((together with all tax attributes, unutilized capital allowances, tax losses, withholding tax credit and some other tax refunds out there topic to the approval of the FIRS), liabilities and enterprise undertakings, together with actual property and mental property rights of Savannah Sugar Firm Restricted (“SSCL”) transferred by SSCL to the Firm (pursuant to the Scheme of Association between SSCL and its shareholders) upon the phrases and topic to the circumstances set out within the Scheme of Association with none additional act or deed”.
Dangote Sugar Refinery will henceforth assume all authorized proceedings, claims and litigation issues pending or contemplated by or towards Savannah Sugar.
In view of this acquisition, the courtroom additionally ordered Dangote Sugar Refinery to concern and allot to the shareholders of Savannah sugar, 146,878,241 odd shares of N0.50 every within the share capital, for the 162,756,968 odd shares held by the Scheme Shareholders in SSCL.
The Scheme Document dated Friday, Might 29, 2020, was additionally accepted on the assembly, and Administrators of DSR had been authorised to consent to any modifications that the Securities and Trade Fee could deem match, and provides impact to the scheme.
Dangote Sugar Refinery had earlier sent a disclosure notice to the NSE, saying its plans to accumulate Savannah Sugar Firm Restricted, topic to the approval of each firm shareholders.
Dangote industries lately offered its flour subsidiary, and this acquisition is a part of an enlargement technique for Dangote Sugar Refinery, and the subsequent stage of its backward integration plan to revolutionize the sugar sub-sector of Nigeria’s financial system.