Dangote Sugar Refinery Plc has commenced plans to raise approximately N485.9bn through a rights issue, as part of efforts to strengthen its capital base and support ongoing expansion initiatives.
The company disclosed that it has submitted an application to the Nigerian Exchange Limited (NGX) seeking approval for the listing of 8,097,918,827 ordinary shares of 50 kobo each at a price of N60.00 per share.
The proposed offer will be executed on the basis of two new ordinary shares for every three existing shares held.
According to the filing, the rights issue is expected to provide existing shareholders with the opportunity to increase their equity stake in the company while enabling the firm to raise fresh capital to fund strategic growth objectives and enhance operational capacity.
The qualification date for the offer has been fixed for April 20, 2026, meaning that only shareholders whose names appear on the company’s register as at the close of business on that date will be eligible to participate in the rights issue.
The transaction is being handled by a consortium of stockbrokers, including Meristem Stockbrokers Limited, Stanbic IBTC Stockbrokers Limited and Vetiva Securities Limited, who are acting on behalf of the company in securing regulatory approvals and facilitating the offer process.
Market analysts note that the proposed capital raise ranks among the largest equity issuances in recent years on the Nigerian bourse, reflecting the company’s ambition to scale operations and consolidate its position within the sugar industry.
They added that the pricing of the offer and the 2-for-3 structure could drive strong shareholder participation, particularly given the company’s established market presence and growth outlook.
The development comes amid increased capital-raising activities in the Nigerian equities market, as corporates seek to take advantage of improved investor sentiment and liquidity conditions to finance expansion and navigate evolving economic dynamics.
