• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
No Result
View All Result
Nairametrics
No Result
View All Result
Home Business News Business
NASCON board gives green light to merger with Dangote Sugar Refinery

NASCON

NASCON board gives green light to merger with Dangote Sugar Refinery

Nathanael DisubyNathanael Disu
2 months ago
in Business, Business News, Company News, Corporate deals
Share on FacebookShare on TwitterShare on Linkedin

NASCON Allied Industries Plc’s Board of Directors, on Thursday, July 28, 2023, approved a plan to merge with Dangote Sugar Refinery Plc. and Dangote Rice Limited, subject to regulatory and shareholder approvals.

The news comes following Nairametrics’ prior report of a scheduled annual general meeting (AGM) to consider the proposed merger. 

The Board meeting, which took place in Lagos, also led to the approval of NASCON’s Unaudited Financial Statements for the second quarter ended June 30, 2023.

As is standard, the Company will continue its Closed Period until twenty-four hours after the filing of the approved Unaudited Financial Statements. 

During this Closed Period, insiders possessing sensitive information that could materially affect NASCON’s security prices are prohibited from dealing in the company’s securities.  

The merger plan with Dangote Sugar Refinery and Dangote Rice Limited, if successful, promises to create a food conglomerate powerhouse that could reshape the Nigerian food industry.

The trio of companies are all part of the larger Dangote Group, which is among the biggest industrial conglomerates in Africa. 

Further details of the merger have not been disclosed at this time. However, the deal is expected to face rigorous scrutiny from regulators, who will want to ensure that it does not harm competition in Nigeria’s food sector. 

Once the regulatory approvals are granted, the final decision on the merger will be up to the shareholders of NASCON, Dangote Sugar Refinery, and Dangote Rice Limited. 

The announcement was made in a statement issued by the company after a board meeting held on July 28, 2023, where it also approved its unaudited financial statements for the second quarter ended June 30, 2023.

According to the statement, the company recorded a 48% increase in turnover, from N14.3 billion in 2022 to N21.2 billion in 2023, and a 212% increase in profit after tax, from N1.3 billion in 2022 to N4.1 billion in 2023. 

Nairametrics will continue to monitor the story closely and provide timely updates on any new developments. 


Download Nairametrics App for breaking news and market intelligence.
   
Tags: Dangote RiceDangote Sugarnascon
Nathanael Disu

Nathanael Disu

Nathanael Disu is a Financial Analyst at Nairametrics. He also runs a Financial Intelligence Bootcamp which helps individuals get better understanding of their Money.

Comments 1

  1. Ibrahim Ali Miustapha says:
    July 31, 2023 at 6:05 am

    It is a complete praise singing to assert that a regulator cam stop this impending merger. Nothing can stop the merger and it is the best way to go..Since regulators don’t assist minority shareholders, our prayers and fasting are geared towards 1:1 share exchange and a rights issue after the merger to bolster the stock market itself say in Q1 2024 to give room for investors to properly have a bearing in the Tinubu administration that is daily loosing relevance.
    BUA Cement should consider a bonus issue against 2023 AFS and a rights issue in 2024

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *







NM newsletters
Bankers committee
Kwakol
Abbey
IMT

Zenth Bank
UBA
Mega Millions

Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |

Recent News

  • Q3’2023: Nigeria Stock Market closes on a positive trajectory with 29.52% gain
  • Nigeria at 63: Collective actions to foster nation-building
  • WATT raises $13 million to power renewable energy in Nigeria

Follow us on social media:

Recent News

NGX,

Q3’2023: Nigeria Stock Market closes on a positive trajectory with 29.52% gain

October 2, 2023
Tinubu is a business-friendly president – Elumelu

Nigeria at 63: Collective actions to foster nation-building

October 2, 2023
  • Download Nairametrics iOS App
  • Download Nairametrics Android App
  • Contact Us
  • Home
  • Exclusives
  • Markets
  • Industries
  • Economy
  • Business News
  • Financial Literacy
  • Opinions

© 2023 Nairametrics

No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Industries
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Tech News
  • Economy
    • Nairalytics
    • Macro-Economic News
    • Research Analysis
    • Budget
    • Public Debt
  • Business News
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
  • Login
  • Sign Up

© 2023 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In