Yemisi Izuora
Dangote Sugar Refinery Plc has revealed its plan of its merger with Savannah Sugar Company limited.
Dangote Sugar said in a statement on Monday that its board of directors recommended the business combination through a scheme of external restructuring, which would culminate in a merger.
The statement said it was expected that the scheme would involve the transfer of assets, liabilities and undertakings of Savannah Sugar to Dangote Sugar.
It added Dangote Sugar would emerge as the surviving entity.
The statement read in part, “The transaction would be subject to the approval of shareholders of both companies at the duly convened court-ordered meetings of the respective companies.
“The receipt of the regulatory approvals from the Securities and Exchange Commission and the Federal Competition and Consumer Protection Commission is also important.”
Dangote Sugar said further announcements on the transaction would be provided to the market.