To support its expansion drive, which aims to boost the Nigerian economy by ensuring sufficient sugar production in the country, Dangote Sugar Refinery Plc has opened its rights issue.
The sugar refiner hopes to raise up to N485.9 billion from the exercise, which commenced on Monday, May 25, 2026, and will close on Wednesday, June 24, 2026.
A note specifically said the net proceeds will be used to materially deleverage the company’s balance sheet, strengthen liquidity and reposition the organisation on a more sustainable capital structure.
The rights issue size is 8,097,918,827 ordinary shares of 50 Kobo each at N60.00 per share, and would be offered to shareholders on the basis of two new ordinary shares for every three existing ordinary shares held as at the close of business on April 20, 2026.
Dangote Sugar, a subsidiary of Dangote Industries Limited, refines, distributes, and markets granulated sugar to wholesalers and major players within the food and beverage, pharmaceutical, and personal care industries.
It operates the largest sugar refinery in Sub-Saharan Africa, with a combined installed refining capacity of 1.49 million metric tonnes per annum. Through its backward integration strategy, DSR is advancing plans to produce an additional 1.5 million metric tonnes of locally sourced sugar, further strengthening its position as a leading integrated sugar producer globally.
At its 20th Annual General Meeting (AGM) held last month in Lagos, shareholders approved the floating of a N500 billion rights issue to fund its strategic expansion, especially for its ambitious backward integration projects.
According to the firm’s chief executive, Mr Thabo Mabe, efforts are being made to secure approximately $1.3 billion needed to fulfil the commitment to achieving a production target of at least 600,000 tonnes annually by 2030.
“We have revised our strategic development plan to meet the 2030 objectives, leveraging the combined potential of DSR Numan Operation and Nasarawa Sugar Company Limited estates.
“This integrated plan targets substantial cane production of around 6.05 million tonnes across 45,000 hectares from both sites,” he said at the meeting.
SEE Full Details ➜