Investogist
No Result
View All Result
Thursday, August 21, 2025
  • News
    • All
    • Africa
    • Nigeria
    • World
    Only 23% of Nigerians trust INEC- Report says

    APGA candidates win Anambra by-elections

    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

    Onitsha River Port receives first container barge for 2025 season

    Onitsha River Port receives first container barge for 2025 season

    JAMB sets 150 as cut-off mark for 2025/2026 university admissions

    WAEC releases 2025 WASSCE results, how to check yours

    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

    Festus Keyamo – Our Plans for the Murtala Mohammed International Airport Lagos

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

    Nigeria to concession Enugu, Port Harcourt and three other airports

    Federal Government approves 30-year concession for Enugu Airport

    Only 23% of Nigerians trust INEC- Report says

    Nationwide Voter registration begins August 18 – INEC

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    • Policies
    • Budgets
    • Economic Data
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    UPDC REIT declare N0.16 dividend for 2022 Financial Year

    UPDC REIT announces ₦0.22 interim dividend for H1 2025

    Champion Breweries Plc to acquire Bullet alcoholic and energy beverages

    Champion Breweries Plc to acquire Bullet alcoholic and energy beverages

    Jaiz Bank Plc to double profit to N4.29bn in Q1 2024

    Jaiz Bank Plc rebrands for the future

    MTNN responds to alleged Tax indebtedness, “We make early payments”

    MTN Nigeria announces changes in leadership roles

    AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

    UBA Board of Directors approves Interim Dividend for H1 2025

    Bosquet Investments Ltd acquires 21.22% stake in Ecobank

    Bosquet Investments Ltd acquires 21.22% stake in Ecobank

    Access Bank UK Limited launches Access Bank Malta Limited

    Access Holdings Plc to delay release of Half-Year financial results

    Industrial & Medical Gases Nigeria Plc to issue share bonus to shareholders

    Oando completes Tranche one of its Share Distribution Programme

    Agro-Industrial giant Presco Plc reports N10.12bn profit in H1 2021

    Why we acquired a 100% Equity stake in Ghana Oil Palm Company – PRESCO

    • Companies
    • Industry
    • Technology
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Beta Glass Plc Shareholders to be presented with a N1.04 dividend for 2020

    STANBIC IBTC ETF 30 announces ₦3.144 interim Dividend

    CAP Plc Shareholders approve N2.10kobo dividend per ordinary share for 2020 financial year

    SIAML Pension ETF 40 announces ₦12.44 interim Dividend

    Cutix Plc founder sells additional 1.8 million shares of the company

    VFD Group Plc Employees and others sell millions of VFD Group shares

    Nigerian Exchange – Stock Market report for the week ended 7th July, 2023

    The Nigerian Exchange records impressive performance in H1 2025

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    NGX suspends trading in the shares of four listed companies

    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Travel & Tours
    • Arts & Entertainment
    • Nature
    • Places & People
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    How does family of 6 survive with income of N250,000 a month

    How does family of 6 survive with income of N250,000 a month

    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Sports
    • Football
  • Vacancies
Investogist
  • News
    • All
    • Africa
    • Nigeria
    • World
    Only 23% of Nigerians trust INEC- Report says

    APGA candidates win Anambra by-elections

    US deficit grows to US$291 billion in July – Reports

    US deficit grows to US$291 billion in July – Reports

    Onitsha River Port receives first container barge for 2025 season

    Onitsha River Port receives first container barge for 2025 season

    JAMB sets 150 as cut-off mark for 2025/2026 university admissions

    WAEC releases 2025 WASSCE results, how to check yours

    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

    Festus Keyamo – Our Plans for the Murtala Mohammed International Airport Lagos

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

    Nigeria to concession Enugu, Port Harcourt and three other airports

    Federal Government approves 30-year concession for Enugu Airport

    Only 23% of Nigerians trust INEC- Report says

    Nationwide Voter registration begins August 18 – INEC

    • Nigeria
    • Africa
    • World
  • Economy
    • All
    • Budgets
    • Economic Data
    • Policies
    “CBN plans to shut down financial transactions” – Apex Bank warns of fake news

    CBN’s Monetary Policy Committee retains interest rate at 27.50%

    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

    United States scraps visa dropbox service for Nigerian applicants

    United States scraps visa dropbox service for Nigerian applicants

    Buhari says Nigeria security and economy improved during his tenure

    Buhari says Nigeria security and economy improved during his tenure

    • Policies
    • Budgets
    • Economic Data
  • Business
    • All
    • Agriculture
    • Companies
    • Industry
    • Technology
    UPDC REIT declare N0.16 dividend for 2022 Financial Year

    UPDC REIT announces ₦0.22 interim dividend for H1 2025

    Champion Breweries Plc to acquire Bullet alcoholic and energy beverages

    Champion Breweries Plc to acquire Bullet alcoholic and energy beverages

    Jaiz Bank Plc to double profit to N4.29bn in Q1 2024

    Jaiz Bank Plc rebrands for the future

    MTNN responds to alleged Tax indebtedness, “We make early payments”

    MTN Nigeria announces changes in leadership roles

    AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

    UBA Board of Directors approves Interim Dividend for H1 2025

    Bosquet Investments Ltd acquires 21.22% stake in Ecobank

    Bosquet Investments Ltd acquires 21.22% stake in Ecobank

    Access Bank UK Limited launches Access Bank Malta Limited

    Access Holdings Plc to delay release of Half-Year financial results

    Industrial & Medical Gases Nigeria Plc to issue share bonus to shareholders

    Oando completes Tranche one of its Share Distribution Programme

    Agro-Industrial giant Presco Plc reports N10.12bn profit in H1 2021

    Why we acquired a 100% Equity stake in Ghana Oil Palm Company – PRESCO

    • Companies
    • Industry
    • Technology
  • Markets
    • All
    • Commodities
    • Cryptocurrencies
    • Forex
    • Rates & Bonds
    • Stocks/Equities
    Beta Glass Plc Shareholders to be presented with a N1.04 dividend for 2020

    STANBIC IBTC ETF 30 announces ₦3.144 interim Dividend

    CAP Plc Shareholders approve N2.10kobo dividend per ordinary share for 2020 financial year

    SIAML Pension ETF 40 announces ₦12.44 interim Dividend

    Cutix Plc founder sells additional 1.8 million shares of the company

    VFD Group Plc Employees and others sell millions of VFD Group shares

    Nigerian Exchange – Stock Market report for the week ended 7th July, 2023

    The Nigerian Exchange records impressive performance in H1 2025

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    Cryptocurrency: XRP hits new All-Time High at US$3.65

    NGX suspends trading in the shares of four listed companies

    Banking stocks plunge after CBN suspends banks under regulatory forbearance from paying dividends

    ELECTION: Cutix Plc reschedules Board Meeting

    Weekly Report: Nigerian Exchange sees mixed performance as Cutix Plc emerge top gainer

    Again DMO offers N360 billion FGN bond for February

    DMO offers N300 billion FGN bond for auction in May

    NGX Daily Equities Market Report: Market gains for third consecutive days

    CSCS Plc explores listing on the Nigerian Exchange (NGX)

    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Travel & Tours
    • Arts & Entertainment
    • Nature
    • Places & People
  • Opinion & Analysis
    • All
    • Columnists
    • Editorials
    • Investogist Business Saturday
    • Op-ed
    How does family of 6 survive with income of N250,000 a month

    How does family of 6 survive with income of N250,000 a month

    Trump wins a resounding victory in first Republican primary in Iowa

    How Donald Trump won the 2024 U.S Presidential Election

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Rovina Medical Diagnostic Services offers free Breast and Prostrate cancer scans

    Security features of the new naira notes revealed by the CBN

    New hope for Naira fixed income savers?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Nigerian Exchange gains 5.37% in Tinubu’s first week, highest for any President since return to Democracy

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    The Nigerian Stock Market: Has Tinubu’s Election impacted the Market Negatively?

    Just in: Bandits attack President Buhari’s convoy in Katsina, two injured

    2015 vs 2023 Data: Nigeria situation went from bad to worse under Buhari

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    Who is Hiba Abouk soon to be Achraf Hakimi’s ex-wife worth millions of dollars?

    LP won Obio-Akpor LGA Rivers State not APC as announced – INEC’s IReV

    APC won Abua-Odual and Ahoada East LGAs of Rivers State as announced – INEC’s IRev

    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Sports
    • Football
  • Vacancies
No Result
View All Result
Investogist
No Result
View All Result
Home Business

De-listing of Flour Mills of Nigeria Plc shares: Excelsior to acquire all shares held by minority shareholders

Wednesday, 25 September 2024, 6:38 am
in Business, Companies
0
Flour Mills of Nigeria Plc makes over N1 Trillion Revenue in 9 Months
Share Share Share Share Send as Email

Flour Mills of Nigeria Plc (NGX: FLOURMILL) has notified the Nigerian Exchange Limited and its stakeholders that the Company has received an offer from Excelsior Shipping Company Limited to acquire all the shares held by the minority shareholders in Flour Mills.

Also read; BUA Foods to expand it’s pasta production facility

Excelsior Shipping Company Limited owns 2,597,314,890 out of 4,100,395,606 shares of Flour Mills of Nigeria Plc, representing 63.34% of the paid up share capital of the Company. No other individual shareholder held up to 5% of the issued share capital of the Company as at 31 March, 2024.

The transaction will be implemented by way of a Scheme of Arrangement between the Company and the Company’s shareholders in accordance with the provisions of Section 715 of the Companies and Allied Matters Act 2020.

Under the terms of the Scheme, the minority shares will be acquired by Excelsior. As consideration for the transfer of the Scheme Shares, each holder of the Scheme Shares shall receive ₦70 in exchange for each share.

Upon completion of the arrangement the shares of Flour Mills of Nigeria Plc will be de-listed from the Nigerian Exchange .

In a regulatory filing on Tuesday, the Company stated that it has received the Securities & Exchange Commission’s “No Objection” to the Scheme.

Flour Mills has also obtained an Order of the Federal High Court to convene a Court-Ordered meeting on Thursday November 14, 2024 at 10.00am. The venue for the Court-Ordered Meeting is Eko Hotel Convention Centre, 1415 Adetokunbo Ademola Street, Victoria Island, Lagos. The Court-Ordered Meeting is being convened to consider the Transaction.

The Scheme is also subject to the approval of the shareholders of Flour Mills at the Court-Ordered Meeting as well as the sanction of the Federal High Court.

At the meeting, the following sub-joined resolutions will be proposed and if thought fit passed as a special resolution of the Company:

    1. “That the Scheme of Arrangement as contained in the Scheme Document dated September 23, 2024 with or subject
      to such modification, addition or condition agreed at the Meeting and/or approved or imposed by the Securities and
      Exchange Commission (“SEC”) and/or the Court, a print of which has been submitted at the Meeting and, for purposes
      of identification, endorsed by the Chairman, be and is hereby approved;
    2. For the purpose of giving effect to the Scheme subject to such modification, addition and condition agreed between the Company and Holders of its Ordinary Shares and/or approved or imposed by the Court or any regulatory authority, with effect from the Effective Date (as defined in the Scheme Document):
      1. The legal and beneficial ownership of the Scheme Shares (as defined in the Scheme Document) be transferred to Excelsior Shipping Company Limited and its wholly owned Nigerian subsidiary, Greywise Investment Solutions Limited without further act or deed.
      2. The holders of the Scheme Shares be paid the Scheme Consideration (as defined in the Scheme Document) by Excelsior Shipping Company Limited for the transfer of the said Scheme Shares;
    3. That as consideration for the transfer of the Scheme Shares, each holder of the Scheme Shares shall receive ₦70 per share transferred;
    4. That Nigerian Exchange Limited (“NGX”) and Central Securities Clearing System Plc (“CSCS”) shall be notified and requested to terminate trading in the shares with effect from the Eligibility Date and no trading or transfer of the Company’s shares shall be registered after that date;
    5. That conditional upon the Scheme becoming effective, the Company’s shares shall be de-listed from NGX on the Eligibility Date and following that date, all the share certificates representing the interests of the Scheme Shareholders (as defined in the Scheme Document) shall be deemed to be dematerialized and in the case of dematerialised shares, all the shares of the Company that were lodged with the CSCS in the names of the Scheme Shareholders shall be transferred to Excelsior Shipping Company Limited and Greywise Investment Solutions Limited;
    6. That the Board of Directors of the Company be and are hereby authorised to take all necessary steps and to consent to any modifications of the Scheme of Arrangement that the Federal High Court or the Securities & Exchange Commission may deem fit to impose or approve, or that may otherwise be required; and
    7. That the Solicitors of the Company be directed to seek orders of the Court sanctioning the Scheme and the foregoing resolutions, as well as such incidental, consequential and supplemental orders as are necessary or required to give full effect to the Scheme.”

Excelsior Shipping Company Limited is a company registered in Liberia, the beneficial owner of Excelsior Shipping Company is a trust established by the late John S. Coumantaros.

Flour Mills of Nigeria Plc, one of the leading FMCG companies in Nigeria and West Africa was founded in 160 by George S. Coumantaros. It listed its shares on the Nigerian Exchange in 1978.

The Group and Company are primarily engaged in flour milling, production of pasta, noodles, edible oil and refined sugar, production of livestock feeds, farming and other Agro‑allied activities, distribution and sales of fertilizer, manufacturing and marketing of laminated woven polypropylene sacks and flexible packaging materials, development of real estate properties for rental, operation of terminals A and B at the Apapa Port, customs clearing, forwarding agents, shipping agents and logistics.

Flour Mills of Nigeria Plc owns 60% of Northern Nigeria Flour Mills Plc (NGX: NNFM) and 48% of Honeywell Flour Mills Plc (NGX: HONYFLOUR), both listed on the Nigerian Exchange.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

Related Posts:

  • Axa Mansard
    AXA MANSARD Shareholders approve 17 bonus shares for…
  • NEM
    Nem Insurance Plc shareholders approve 9 bonus…
  • NGX Building
    NGX delists Flour Mills shares, lists additional NB…
  • FLOURMILL – HONYWELL
    Flour Mills of Nigeria Plc to acquire majority stake…
Tags: Featured
Previous Post

BUA Foods to expand it’s pasta production facility

Next Post

Caverton Offshore apologizes for discrepancies in H1 2024 financial statements

Next Post
We now maintain Benin Republic’s Presidential Air Fleet in Nigeria – Caverton

Caverton Offshore apologizes for discrepancies in H1 2024 financial statements

  • Trending
  • Comments
  • Latest
MTN Nigeria to pay over N200 billion final dividend for 2022

List of Dividends announced in 2025, qualification and payment dates

AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

GTCO Board approves interim dividend for H1 2025

AIICO Board of Directors approve Dividend Payment and  2021 Financial Statements

UBA Board of Directors approves Interim Dividend for H1 2025

UPDC REIT declare N0.16 dividend for 2022 Financial Year

UPDC REIT announces ₦0.22 interim dividend for H1 2025

UPDC REIT declare N0.16 dividend for 2022 Financial Year

UPDC REIT announces ₦0.22 interim dividend for H1 2025

Champion Breweries Plc to acquire Bullet alcoholic and energy beverages

Champion Breweries Plc to acquire Bullet alcoholic and energy beverages

Jaiz Bank Plc to double profit to N4.29bn in Q1 2024

Jaiz Bank Plc rebrands for the future

MTNN responds to alleged Tax indebtedness, “We make early payments”

MTN Nigeria announces changes in leadership roles

Quick Links

News
Economy
Markets
Business
Opinion & Analysis

Newsletter Signup

Contact Investogist

info@investogist.com

  • About Us
  • Terms & Conditions
  • Privacy Policy
  • Contact Us

Copyright © 2025 investogist.com, All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • News
    • Nigeria
    • Africa
    • World
  • Economy
    • Policies
    • Budgets
    • Economic Data
  • Business
    • Companies
    • Industry
    • Technology
  • Markets
    • Stocks/Equities
    • Forex
    • Rates & Bonds
    • Commodities
    • Cryptocurrencies
  • Travel & Tours
    • Arts & Entertainment
    • Nature
    • Places & People
  • Opinion & Analysis
    • Editorials
    • Book Club
    • Investogist Business Saturday
    • Op-ed
  • Sports
    • Football
  • Vacancies

Copyright © 2025 investogist.com, All Rights Reserved