Dangote Sugar Refinery Plc has raised approximately N485.88 billion through its rights issue after investors applied for more shares than were available under the capital-raising exercise.
The company offered 8,097,918,827 ordinary shares of 50 kobo each at N60 per share, on the basis of two new shares for every three existing shares held by eligible shareholders as of April 20, 2026.
At the close of the acceptance period on June 24, Dangote Sugar received 14,595 valid applications for 8,309,447,021 shares worth N498.57 billion.
The applications represented 102.6% of the shares offered, meaning investor demand exceeded the size of the rights issue.
Following the allotment process, all 8.098 billion shares offered were allocated, generating gross proceeds of approximately N485.88 billion.
The Securities and Exchange Commission has cleared the basis of allotment and the result of the rights issue, according to the company’s announcement dated August 13, 2026.
Of the applications received, 13,426 shareholders fully accepted their rights, covering about 6.99 billion shares valued at N419.18 billion.
Another 1,047 shareholders made partial acceptances involving approximately 99.08 million shares worth N5.94 billion.
Trading in rights on the Nigerian Exchange also accounted for 77.18 million shares valued at N4.63 billion during the acceptance period.
Demand for additional shares was particularly strong.
A total of 8,241 shareholders who fully exercised their rights requested an additional 1.147 billion shares worth N68.82 billion.
However, only 935.41 million additional shares valued at N56.12 billion were available for allocation from rights that had been renounced.
The excess demand meant the request of the company’s core shareholder had to be reduced by approximately 211.53 million shares worth N12.69 billion. The core shareholder consequently received 78.85% of the additional shares it requested.
The allotment table on page two of the announcement also shows the concentration of the final allocation. One shareholder in the highest ownership category received about 6.20 billion shares, representing 76.61% of the entire rights issue, while shareholders across the remaining ownership bands received the balance.
Dangote Sugar said allotted shares were scheduled to be credited to investors’ Central Securities Clearing System accounts by August 14, while surplus subscription funds were also expected to be returned by that date.
The successful transaction provides Dangote Sugar with a substantial injection of fresh equity capital while the oversubscription indicates shareholders were willing to commit more funds than the company sought through the offer.
