The members of Dangote Sugar Refinery Plc. at its Extra-Ordinary General Meeting held at 12:00 noon July 9th, 2020 in Lagos agreed to increase the company’s share capital from N6 billion to N7.5 billion by issuing a new 3 billion ordinary shares of 50 kobo each.
The company disclosed this to the Nigeria bourse in a memo signed by the company’s secretary, Mrs Temitope Hassan. The disclosure read in part “the authorised share capital of the Company be and is hereby increased from N6,000,000,000 (Six Billion Naira) to N7,500,000,000 (Seven Billion, Five Hundred Million Naira) by the creation of 3,000,000,000 (Three Billion) new ordinary shares of 50 kobo each to rank pari passu in all respects with the existing ordinary shares of the Company.” Also, other resolutions were made pertaining the amendment the company’s MoA and Article of Associate to reflect the changes in its share capital.
On the same day, the company also held its AGM and agreed to the following;
1. Adoption of the financial statement for the year ended 31st December, 2019
2. Pay a dividend of N1.1k per ordinary share of 50k to all members whose names appeared in the Register of Members as at the close of business on June 19, 2020
3. The reappoint of Mr. Olakunle Alake, Prof Olukonyinsola Ajayi (SAN) and Ms. Maryam Bashir as directors
At close of trading activities on Friday 10th July 2020, Dangote Sugar traded at N11.6 with a market capitalisation of N139.200B.
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