Flour Mills of Nigeria Plc (FMN) has received approval from the Securities and Exchange Commission and the Nigerian Exchange Limited to proceed with a plan to buy out minority shareholders.
The company’s majority shareholder has offered to acquire the shares of all other shareholders through a scheme of arrangement, which has been recommended by the board of directors.
FMN believes that this move will allow the company to operate with greater agility and improve management efficiency. It is also expected to lead to improved decision-making processes and attract necessary investments for long-term growth and value.
The company will now file an application with the Federal High Court to convene a shareholders’ meeting to vote on the proposed resolution. The resolution will be considered approved if at least 75 percent of the members present and voting support it.
The Group Managing Director of FMN, Mr Boye Olusanya, stated that this move aligns with the company’s strategy to become the leading pan-African Food business.
FMN recently inaugurated a solar-powered clean water plant in the Gbaji-Yeke Community, Badagry, as part of its commitment to driving sustainable growth in Nigeria.
