Dangote Sugar Refinery has raised a whopping N485.9 billion from its existing shareholders through its Rights Issue.
According to a filing by Dangote Sugar Refinery at the Nigerian Exchange, the company offered 8.10 billion shares at N60 each to existing shareholders and received valid applications for 8.31 billion shares worth N498.6 billion. This shows that the issue was oversubscribed by 2.6%.
Although the offer was ultimately allotted at 100%, the strong demand suggests shareholders remain confident in the company’s growth prospects.
The strong participation came on the heels of recovery by the fast moving consumer goods company after posting losses in the 2024 and 2025 accounting years. The company moved from loss after tax of N24.27 billion in the first half of 2025 to profit after tax of N41.51 billion in the first half of 2026 even with a decline in revenue from N430.21 billion in the first half of 2025 to N391.85 billion in the corresponding period of 2026.
VETIVA Advisory Services was the lead issuing house to the offer while Stanbic IBTC Capital, Coronation Merchant Bank, First Capital, Meristem Capital, Quantum Zenith and United Capital were the joint issuing houses.
