Nigerian company plans $503M capital raise by third quarter

Pulse Staff 14:21 - 27 April 2016

Nigerian billionaire Aliko Dangote speaks during the first plenary session of the World Economic Forum (WEF) in Abuja May 8, 2014.

"We are looking at the middle of the third quarter to come to the market ... to raise 100 billion naira in total," Ajao told an analyst call.

Nigeria's Dangote Sugar Refinery plans to raise 100 billion naira ($503 million) through a mix of debt and equity by the third quarter, its chief finance officer Babatunde Ajao said on Wednesday.

The company, owned by Africa's richest man Aliko Dangote, and supplies refined sugar to soft drinks and confectionery makers, is targeting a 20 billion naira share sell while the balance would raised through bank loans and bond sales.

($1 = 199.00 naira)