Exclusive Breaking News:

The Dangote Group will in the next few weeks/months enter the market to raise funds through an initial offering for its FLOUR, CEMENT and REFINERY businesses.

Mr. Uzo Nwankwo, Group Executive Director, Corporate Finance of the group disclosed this information to Proshare at an exclusive interview held at the London Stock Exchange building where he had received the landmark award from African Investor (Ai) for the best IPO in Africa.

Dangote Sugar Plc. Edged six (6) other firms including Standard Bank, Uganda to win this award which was witnessed by lead investors from the ‘city’ and African stock exchanges.

While the company is continuing its expansion plans for the sugar business which will receive a further boost from the new EU rules which has removed subsidies hitherto enjoyed by European farmers and which had made it a challenge for firms like Dangote to be competitive; it looks now to a wider market which can only mean a better prospect for the fortunes of investors in Dangote Sugar Plc.

INITIAL PUBLIC OFFERS

Given its commitment to ensure that Nigerians participate in the growing opportunities in the economy which the company is well positioned to serve, and the excellent vote of confidence in the company by institutional investors which Awill manifest in its ability to set up shop (for specific businesses) in
* Algeria – Sugar Refinery;
* Senegal – 200 metric tonne cement factory;
* South Africa
* Port of Maputo: and
* Increasing capacity of the Nigerian operations.


Specifically therefore, the group has earmarked the following estimated timelines for the following subsidiaries to go public:
Flour Company: Next 4 – 6 weeks
Cement Company: September/October 2007

The Port Harcourt and Kaduna Refineries would also become public companies and have their shares offered to Nigerians and the investing public through an initial public offering in 2008.