Industrial index depreciates by -2.62%, as BUA Cement shares decline

Stakes held by Aliko Dangote – the founder of Africa’s most diversified manufacturing conglomerate, Dangote Industries Limited – in Dangote Sugar Refinery Plc (DSR) has added about N90 billion to his wealth in a year.

The billionaire whose wealth peaked at $18.4 billion this year, is the single majority shareholder of his integrated sugar business, considering his direct and indirect stakes in Dangote Sugar, which amount to total holdings of 8,775,541,295 issued shares of the company.

His stakes in DSR represent a total of 72.3% issued ordinary shares of Dangote Sugar Refinery.

READ: Dangote’s net worth declines by $1.2 billion in February

In just a year, Dangote’s 8.78 billion shares in his integrated sugar business have gained N67.6 billion in market value, driven by the N7.65 per share increase (77.66%) in the share price of Dangote Sugar – leading to a market value gain of N67.1 billion in his stakes.

As the shares of his sugar enterprise surged from N9.85 on March 16, 2020, to N17.50 at the close of the stock market this afternoon – 16th of March 2o21.

During this period, he received a dividend payment of N1.10 per share on the 9th of July 2020, as a final dividend paid by his sugar business for the year ended 31st December 2019 – with the total dividend received by the Billionaire in excess of N9.6 billion.

In like manner this year, Africa’s richest billionaire is on course to earn a whopping N13.2 billion from the stakes in his integrated sugar business.

READ: Dangote set to earn N13 billion in dividend from his sugar business

In case you missed it Recall that the Board of Directors of Dangote Sugar Refinery Plc proposed a final dividend of N1.5 per share to its shareholders for the financial year 2020.

In line with this, the total wealth gained by Aliko Dangote from his stakes in Dangote Sugar is N89.9 billion (approx. N90 billion).

Source: Nairametrics

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