Dangote Sugar creates three billion new shares

Dangote Sugar creates three billion new shares
Aliko Dangote

Shareholders of Dangote Sugar Refinery (DSR) Plc have approved the creation of three billion new ordinary shares of 50 kobo each to increase the authorised share capital of the sugar company from N6 billion to N7.5 billion.

Shareholders approved resolutions at their extra-ordinary general meeting in Lagos, increasing the authorised share capital of DSR N6 billion of 12 billion ordinary shares of 50 kobo each to N7.5 billion ordinary shares of 50 kobo each through creation of three billion new ordinary shares of 50 kobo each.

They also authorised the change in the memorandum of association of the company to reflect the new increased share capital.

The company also effected many changes in its memorandum of association to comply with increasing digitisation and automation of messages and meetings.

With the approvals by the shareholders, written resolutions given by letter or electronic mail purporting to have been initialed by or signed by a director shall be assumed to have been so initialed or signed.

Also, any director or his or her alternate may validly participate in a meeting of the board or a committee of the board through the medium of conference telephone or any other form of communications equipment, provided that all persons participating in the meeting are able to hear and speak to each other throughout such meeting.

According to the amendments approved by shareholders, a person so participating by telephone or other communication shall be deemed to be present in person at the meeting and shall be counted in a quorum and entitled to vote.

Such a meeting shall be deemed to take place where the largest group of those participating is assembled or, if there is no group which is larger than any other group, the meeting shall be deemed to take place at the registered address of the company.

The meeting approved that a resolution passed at any meeting held through electronic means and signed by the chairman of the meeting, shall be as valid and effectual as if it had been passed at a duly convened and held meeting of the board or committee, as the case may be.

Shareholders also approved that electronic delivery of meeting notices and documents to directors shall be considered as valid and effectual as notices and documents delivered vide a letter by postage and or hand delivered.

DSR shareholders have also approved the acquisition of Savannah Sugar Company Limited (SSCL), a subsidiary of DSR in a deal aimed at further integrating the operations of the group.

With the approval, a total of 146.878 million Dangote Sugar Refinery ordinary shares would be issued as consideration for 162.76 million ordinary shares of 50 kobo each held by shareholders of SSCL.