In a statement dated April and signed by the company secretary of NASCON, Adedayo Samuel, it was stated that the proposed merger with Dangote Sugar Refinery Plc and Dangote Rice Limited has been suspended.

He added that this decision, initially announced on August 30, 2023, will not proceed following the comments and recommendations from the Securities and Exchange Commission, which highlighted concerns regarding the current non-operational status of Dangote Rice Limited. NASCON expressed gratitude to its stakeholders for their continued support.

“NASCON Allied Industries Plc. (“NASCON”) at this moment notifies the Nigerian Exchange Limited and the investing public that, further to its announcement of August 30, 2023, in respect of the proposed merger of Dangote Sugar Refinery Plc, NASCON and Dangote Rice Limited, a decision has been taken to suspend the said merger at this time.

“The suspension is due to the comments and recommendation of the Securities and Exchange Commission centred around the current non-operational status of Dangote Rice Limited. NASCON wishes to express its appreciation to all its stakeholders and will keep the public informed of any developments as they arise.”

• Read More