reached a critical phase in its business combination bid with salt-maker NASCON Allied Industries and Dangote Rice after the trio agreed to the terms and conditions clearing the path for their integration into a single entity.
Dangote Sugar, NASCON and Dangote Rice are all members of the conglomerate Dangote Industries Limited controlled by Africa’s richest man Aliko Dangote. Similarly, every one ordinary share of Dangote Rice will be swapped for 14 Dangote shares, adding up to 2,775,792,508 new ordinary shares of Dangote Shares, according to the document seen by PREMIUM.
Shares in Dangote Sugar and NASCON have gained 95.3 per cent and 119.8 per cent respectively since 13 July, when the merger plan was first announced.
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