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 now suspended merger of these businesses had caused the companies shares to almost quadruple last year.
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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.
“Nascon wishes to express its appreciation to all its stakeholders and will keep the public informed of any developments as they arise,” the company said.
“These are some of the issues with the Nigerian market, and why investors will not take the market seriously. Corporate governance is thrown into the gutters,” said an investment management/ finance expert, Rufybaba in his “X” (formerly twitter) account.
