Dangote Sugar Refinery Plc (DSR) Announces Merger With NASCON and Dangote Rice Ltd (DRL).

  Dangote Sugar Refinery Plc (DSR) has notified the Exchange and the investing public that its merging entities have agreed to the terms and conditions of the company’s merger with NASCON and Dangote Rice Ltd (DRL). According to the Scheme of Merger, “Eleven (11) ordinary shares of 50 Kobo each in DSR, credited as fully paid-up shares, for every Twelve (12) NASCON shares of 50 Kobo each, which totals 2,428,651,847 new ordinary shares of DSR; Fourteen (14) ordinary shares of 50 Kobo each in DSR, credited as fully paid-up shares, for every one (1) ordinary shares of N1.00 Kobo each in DRL share, which totals 2,775,792,508 new ordinary shares of DSR.“This suggests that a unit of DSR will be equivalent to a unit of Dangote Food. But, for every 12 shares of NASCON, its shareholders will receive 11 units of the fully paid-up shares of DSR, while for every 1 unit of DRL shares owned, its shareholders will receive 14 new fully paid-up shares of DSR.