Dangote Sugar Refinery Raises 486 Billion Naira via Rights Issue

Dangote Sugar Refinery Plc, Nigeria's largest sugar producer, raised 486 billion naira ($356 million) through an oversubscribed rights issue. The company issued 8.1 billion shares at 60 naira each to strengthen its capital base and deleverage its financial position.

The capital raise aims to fund strategic operational initiatives, including backward integration projects. This move follows three years of financial losses and a negative equity position, which the company attributed to rising finance and input costs following the 2023 devaluation of the naira.