Proposed merger of NASCON, Dangote Sugar and Dangote Rice suspended

NASCON Allied Industries Plc has notified 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 (SEC) centered around the current non-operational status of Dangote Rice Limited.

The Company expressed its appreciation to all stakeholders and promised to keep the public informed of any developments as they arise.