Dangote Group Plc has announced the intension to merge the operations of two of its subsidiaries, Dangote Sugar Refinery (DSR) Plc and its subsidiary Savannah Sugar Company Limited (SSCL) into a single entity.
Savannah Sugar Company is a private limited liability company engaged in sugar cane farming and sugar milling.
The business combination, which would be consummated through a Scheme of External Restructuring, will result in transfer of all assets and liabilities of Savannah Sugar to DSR Plc.
In a filing to the Nigerian Stock Exchange, (NSE), signed by Chioma Madubuko, Secretary, DSR, the company said: “It is expected that the Scheme will involve the transfer of all assets, liabilities and undertakings of SSCL to DSR and the cancellation of the entire issued share capital of SSCL with DSR emerging as surviving entity.”
The company stated that the transaction would be subject to the receipt of approval of shareholders of DSR and SSCL at separate court-ordered meetings as well as the receipt of regulatory approval from the Securities and Exchange Commission (SEC) and the Federal Competition & Consumer Protection Commission.