Excelsior set to buy out minority shareholders of Flour Mills

Flour Mills of Nigeria

… gets ‘No Objection’ from SEC

Flour Mills of Nigeria Plc has informed the Nigerian Exchange Limited (NGX) and the investing public of the plans by its majority shareholder, Excelsior Shipping Company Limited to buy out the minority shareholders.

The transaction will be implemented by way of scheme of arrangement between the Company and its shareholders.

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This is pursuant to Section 715 of the Companies and Allied Matters Act, 2020, as amended (‘the Act’) between the Company and the holders of the fully paid up ordinary shares of 50 kobo each in the Company (“the Shareholders”).

Already, Flour Mills has received regulatory ‘No Objection’ by the Securities and Exchange Commission (SEC) and has the Order of the Federal High Court sitting at Lagos to hold a meeting on Thursday, November 14, 2024.

The Court Ordered Meeting will be convened for the purpose of considering and if thought fit, approving, with or without modification, a scheme of arrangement (“the Scheme”).

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with over 18 years journalism experience writing on banking, finance and capital markets. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA).