By Dipo Olowookere
All is now set for the majority shareholders of Flour Mills of Nigeria Plc to acquire the stocks held by minority investors at N86 per unit.
This is because at the 64th Annual General Meeting (AGM) of the company held on Thursday, November 14, 2024, the resolution for the buyout scheme was passed by the shareholders.
At the gathering, the minority shareholders expressed their concerns that the firm could leave Nigeria after the acquisition, but the chairman of the board, Mr John Coumantaros, assured them nothing of such would happen.
According to him, Flour Mills has come to stay in the country no matter the condition, noting that the decision to buyout the minority stocks was for the good of the organisation.
“My late father, Mr George Coumantaros, started this company out of passion and special likeness for the Nigerian spirit which significantly aligns with his boisterous and can-do spirit.
“This passion is what drives me today, to ensure that we continue to grow and expand this business that is left for us not just as an organization and an establishment that will also provide jobs, feed the nation and enrich the lives of our people,” the chairman said at the meeting held in Lagos.
“For your loyalty, we will increase the per-share value to N86 and to reiterate, FMN will not leave Nigeria.
“FMN and Nigeria are inextricably bound together with Nigeria positioned as the headquarters of our pan-African growth story and the centre of excellence as we deepen investment in our different verticals,” Mr Coumantaros assured.
Business Post gathered that Flour Mills is embarking on an ambitious $1 billion investment plan to expand its presence and impact across the African continent over the next four years, which is anticipated to create new opportunities and unlock value for the company, its employees, and economies throughout Africa.
Beyond Nigeria, the flour miller plans to leverage the opportunities presented by the African Continental Free Trade Agreement (AfCFTA) to expand its reach across the continent, starting with the West Africa region.
Furthermore, its export ambitions is expected to contribute to improving Nigeria’s foreign exchange (FX) flows and boost the country’s export potential.
At the close of transactions on the floor of the Nigerian Exchange (NGX) Limited on Monday, Flour Mills shares depreciated by 1.46 per cent to N77.50 per unit.