Nigeria: New Acquisition Lifts Dangote Sugar's Share Price

5 February 2013

Shares in Dangote Sugar Refinery (DSR) Plc closed firmer yesterday as investors reacted positively to the company's acquisition of 95 per cent stake in Savannah Sugar Company Limited (SSC), which is expected to boost the revenue of the leading sugar manufacturing company. DSR's share price rose by N0.14 to close higher at N7.60 per share on a day the bulls overran the stock market to keep indicators green.

The board of DSR had last week announced that in line with its desire to attain the status of a fully integrated sugar company (via backward integration plan), it had executed a Share Sale and Purchase Agreement with Dangote Industries Limited in respect of the acquisition of 2,143,281,975 ordinary shares of N1.00 each in SSC representing 95 per cent of the company.

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