NASCON ALLIED INDUSTRIES : UPDATE ON PROPOSED MERGER

`

August 30, 2023

Lagos, Nigeria

ANNOUNCEMENT OF THE PROPOSED MERGER OF DANGOTE SUGAR REFINERY PLC, NASCON ALLIED INDUSTRIES PLC AND DANGOTE RICE LIMITED

NASCON Allied Industries Plc. ("NASCON") hereby notifies the Nigerian Exchange Limited and the investing public, that further to its announcement of July 28, 2023, the Merging Entities have agreed the terms and conditions of the merger of Dangote Sugar Refinery Plc, NASCON Allied Industries Plc and Dangote Rice Limited ("the Merging Entities") which is an internal restructuring to be executed through a Scheme of Merger ("Scheme"), under Section 711 of the Companies & Allied Matters Act, 2020 (as amended) and other applicable rules and regulations.

NASCON will now proceed to apply to the SEC for the approval of the Scheme, and subject to the approval of the SEC, will apply to the Federal High Court for an Order to convene a meeting of its shareholders to consider the Scheme.

The terms and conditions of the merger as agreed by the Merging Entities will be presented to the Securities and Exchange Commission (SEC) and subsequently to NASCON's shareholders for their consideration and approval at the Court-Ordered Meeting.

FOR: NASCON ALLIED INDUSTRIES PLC.

Adedayo A. Samuel

Company Secretary