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The suspension “centred around the current non-operational status of Dangote Rice Limited” by the Securities and Exchange Commission (SEC), Nascon Allied Industries said.

The bid by Africa’s richest man, Aliko Dangote, to merge his sugar, salt and rice companies into one for improved efficiency and robust consolidation will not proceed for now.

Integrating the entities would have enabled Dangote Sugar, Nascon Allied Industries (already listed on the Nigerian Exchange (NGX) and the billionaire’s less-known rice company to leverage economy of scale as one business to gain higher access to capital and boost value.

But the move failed to meet a key requirement for the transaction to progress, Nascon Allied Industries said in a regulatory filing on Thursday.

The suspension “centred around the current non-operational status of Dangote Rice Limited” by the Securities and Exchange Commission (SEC), it added.

Nascon Allied Industries, which manufactures salt in addition to spices and seasoning, noted that SEC’s review came with comments and recommendations. It implies the three entities will return to the drawing board to put things right to continue getting final approval.

The proposal for the business combination was first announced last July, after which the parties to the merger presented the plan to shareholders for consideration. An acceptance of the terms and conditions by the merging entities later followed.

The companies are part of the much bigger Dangote Industries Limited, and Dangote Sugar has said the transaction aims “to consolidate and solidify the Group’s market position and ultimately reposition the Group to harness future opportunities in the foods industry.”

In December 2021, BUA Group – one of Dangote Industries’ biggest rivals in the cement and consumer goods sectors – consolidated its sugar, rice, flour, pasta and edible oils units into a single firm, later listing it on the NGX as BUA Foods.

Estimated at N720 billion at listing, BUA Foods’ is now worth N6.8 trillion in market value less than four years after.

If the three Dangote companies meet the conditions for approval and the transaction is completed, Dangote Sugar and Nascon Allied Industries will be delisted from the NGX.

Both companies, which at that point will have alternated with Dangote Rice, will be relisted on the stock exchange under a single name.

https://www.premiumtimesng.com/news/headlines/687348-dangotes-bid-to-merge-sugar-salt-rice-businesses-hits-brick-wall.html

The only way prices of foodstuffs will come down is if Dangote has serious competitors. The monopoly he enjoys is killing Nigerians

Angry dude above ^^^^^

hisexcellency34:
The only way prices of foodstuffs will come down is if Dangote has serious competitors. The monopoly he enjoys is killing Nigerians

So, in which foodstuff segment does Dangote maintain a monopoly or dominates?
Rice, Beans, Garri or beverages?

I'm sure, with time, he has to focus on oil and leaves the commodity market for youngsters....

Why is Naija like this sef

Food products should be the cheapest things in a given country

Chai..




Mr Dang Wote!!


The Northern business man that majority of his businesses and incomes are from the South.


What the populace need now is Dangwote Beer.

Ok

It's a positive business idea. Bua foods has got it's name through this same process. So nothing spoil

brick mansion.

Competition...

Learn from your competitor..

Dangote wan do as BUA has done..but then, they have to wait longer.

hisexcellency34:
The only way prices of foodstuffs will come down is if Dangote has serious competitors. The monopoly he enjoys is killing Nigerians

monopoly in what food sector

This man is really enjoying, the FG N has given him power

ivolt:
So, in which foodstuff segment does Dangote maintain a monopoly or dominates?
Rice, Beans, Garri or beverages?

Cassava, agbado and yam

Bot sugar and milk are extremely expensive this days likewise every bakery products in Nigeria.

The taste for 'more' wealth is insatiable.

He should better sell off the rice business. Even after merging, the dangote rice will still remain non-operational because there are plenty people in the rice market.

ivolt:
So, in which foodstuff segment does Dangote maintain a monopoly or dominates?
Rice, Beans, Garri or beverages?

Agabado,Ewa, Garri, Cassava...🤣

Don't mind the dumbo

D

Useless monopolist
Making billions off the blood and sweat of common Nigerians
This nigga will not die well😡

Greedy man

Greedy Capitalist!

Most of his other items such as the sugar and co...doesn't even stand with others , one day I see him going for the post of the prisedent

hisexcellency34:
The only way prices of foodstuffs will come down is if Dangote has serious competitors. The monopoly he enjoys is killing Nigerians

God bless for speaking the truth.

I have said it times without number Dangote industries is bad for Nigeria. It is very visible to even the blind

ivolt:
So, in which foodstuff segment does Dangote maintain a monopoly or dominates?
Rice, Beans, Garri or beverages?

You people asking what food commodity Dangote sells, if you don’t know there are important commodities that whose prices can put inflationary pressure on other commodities.

What is Dangote into Cement, Petroleum (from the 1st day years ago Dangote’s intent to go oil was announced. I said it here years ago that petrol price would skyrocket before the refinery commence), Flour... These 3 alone that do you need more explanation

Too many of you think yourselves as over-wise but y’all are just supreme olodos.

ivolt:
So, in which foodstuff segment does Dangote maintain a monopoly or dominates?
Rice, Beans, Garri or beverages?

You dey mind the demented guy?

bobbybrown007:
Most of his other items such as the sugar and could doesn't even stand with others , one day I see him going for the post of the prisedent

Impossible. His business will crumble with politics. He will also be conflicted. Politics is a very dirty game. Look at the Sahara guy that went to Rivers politics. Just resign if you have a new calling

He was old enough to see MKO

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Islie:
The suspension “centred around the current non-operational status of Dangote Rice Limited” by the Securities and Exchange Commission (SEC), Nascon Allied Industries said.




https://www.premiumtimesng.com/news/headlines/687348-dangotes-bid-to-merge-sugar-salt-rice-businesses-hits-brick-wall.html

This one that keeps milking the poor. I can't remember when Dangote sugar, flour and salt pay what can be termed dividends. Anyway, I am joint owner of Dangote.

papyjaypaul:
Impossible. His business will crumble. He was old enough to see MKO

he knows how to play the game and he knows that dollars and pounds will change hands, that was what one baba did na