The proposed merger of NASCON Allied Industries Plc with Dangote Sugar Refinery Plc and Dangote Rice Limited has been approved by the NASCON Board of Directors.
Recall that NASCON and Dangote Sugar had earlier filed corporate notices on the Nigerian Exchange Limited in July. The corporate notice filed by both firms revealed the proposal, noting that it was an agenda for its board at their next meeting.
But in another update, the company stated that the board passed resolutions involving the merger and the unaudited financial statements for the second quarter of 2022 after its meeting.
The corporate notice reads in part, “At this meeting, the Board of Directors among other matters, passed the following resolutions: 1. Approval of the Unaudited Financial Statements for the second quarter ended June 30, 2023; 2. Approval to undertake a scheme of merger among the company, Dangote Sugar Refinery Plc and Dangote Rice Limited, subject to the approval of regulators and shareholders.“
What you need to know about NASCON
A few weeks ago, NASCON announced the appointment of Thabo Mabe as its substantive Managing Director and Fatima Aliko-Dangote as a non-executive director.
It also recorded revenue growth of 76.6 per cent to N58.8bn from N33.3bn in 2021, in the financial year ended December 2022. This surge was supported by growth in salt (up 79.8 per cent) and seasonings (up 50.0 per cent) sales.
Also, the cost of sales rose by 60.6 per cent to N34.2bn as against N21.3bn declared in 2021.
While gross profit jumped by 105.2 per cent from N12bn in 2021 to N24.5bn in the period under review, operating expenses rose 59.9 per cent to N15.2 bn compared to N9.5 bn in 2021.
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