Nascon Allied Industries Plc (NASCON) has announced the suspension of its proposed merger with Dangote Sugar Refinery Plc and Dangote Rice Ltd.
The decision, communicated through a notification to the Nigerian Exchange Ltd. (NGX) says,
“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 Ltd.
“NASCON wishes to express its appreciation to all its stakeholders and will keep the public informed of any developments as they arise.
While the specifics of the suspension have not been detailed, NASCON expressed appreciation to its stakeholders and committed to keeping the public informed of any developments.
The proposed merger, initially set for execution as an internal restructuring via a “Scheme of Merger”, is contingent upon agreement on terms and conditions by all parties involved.
Dangote Sugar had previously confirmed its plan to merge with NASCON and Dangote Rice, both subsidiaries of Dangote Industries Ltd.
The consolidation aims to strengthen the group’s market position and create a foundation for future opportunities in the food industry.
