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Flour Mills to list N29.8bn tranche A, B bonds on NSE

The tranche A and tranche B bonds of Flour Mills of Nigeria Plc cumulatively value at N29.8billion will be listed on the Nigerian Stock Exchange (NSE) on Thursday, January 21.

The Tranche A bond which got approval on January 12 for listing on the NSE is the N4.890billion, 5 Years 5.5% Series 4 Fixed Rate Senior Unsecured Bond Due 2025. It is under the N70billion Flour Mills of Nigeria Plc’s Bond Issuance Programme.

The Tranche B which also got approval on January 12 for listing on the NSE is the N25billion, 7 Years 6.25% Series 4 (Tranche B) Fixed Rate Senior Unsecured Bond Due 2027. It is also under the N70billion Flour Mills of Nigeria Plc’s Bond Issuance Programme.

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CSL Stockbrokers Limited is the stockbroker to the bonds while the issuing house(s)/financial adviser(s) are FCMB Capital Markets Limited; ARM Securities Limited; CardinalStone Partners Limited; Stanbic IBTC Capital Limited; FBNQuest Merchant Bank Limited; Coronation Merchant Bank Limited; and Quantum Zenith Capital & Investments Limited.

Flour Mills of Nigeria has continued to thrive in recent years, recording decent performance despite the macro-economic headwinds and challenges faced in Nigeria’s consumer goods market.

The Exchange will host a closing gong ceremony with the Group Managing Director of Flour Mills of Nigeria Plc, Omoboyede Olusanya.

Flour Mills Of Nigeria Plc’s consolidated and separate statement of profit or loss and other comprehensive income for the six months ended September 30, 2020, shows its group revenue grew to N355.108billion from N270.761billion in the same period of 2019.

Group operating profit increased to N23.731billion from N16.820billion in the same period of 2019. The group’s profit before tax (PBT) of N14.606billion in six months ended September 30, 2020, surpassed N8.634billion recorded in 2019; while the profit for the year stood higher at N9.932billion, up from N5.903billion in the same period of 2019. The shares of Flourmills increased by 50kobo or 1.56percent on Wednesday, January 20 to N32.5, heading to its 52-week high of N32.95.

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