NASCON Allied Industries PLC (Nascon) has announced the suspension of the proposed merger involving Dangote Sugar Refinery Plc, Nascon and Dangote Rice Limited.
Nascon, in a statement addressed to the Nigerian Exchange Limited (NGX) and the investing public on Thursday, noted that the decision to suspend the merger initially announced on August 30, 2023, comes in light of concerns raised by the Securities and Exchange Commission (SEC) regarding the non-operational status of Dangote Rice Limited.
The company however assured of continued transparency in communications regarding any future developments related to the merger.
Dangote Sugar Refinery Plc, in 2023, announced its plan to merge with NASCON Allied Industries Plc And Dangote Rice Limited. The board of directors gave their recommendation for the proposed merger which was also approved by Nascon’s board.
According to them, the proposed merger is to be executed as an internal restructuring subject to agreement on terms and conditions by all involved parties namely Dangote Sugar Refinery, NASCON, and Dangote Rice Limited. All three firms are subsidiaries of Dangote Industries Limited.