Flour Mills of Nigeria Plc (NGX: FLOURMILL) has announced the acquisition of an additional 5,200 hectares of land at Sunti, in a move to affirm its commitment to the backward integration strategy of the Nigerian Sugar Master Plan.
With this acquisition, the company’s total land size at Sunti Golden Sugar Estate has increased to 22,000 hectares of land, with about 15,000 hectares under cane.
The new acquisition will increase the production capacity of the sugar estate and will result in the expansion of the sugar production capacity of the mill according to the company.
Since its inception in 2012, Sunti Golden Sugar Estate has been seen as the country’s Premier Greenfield investment in the sugar industry.
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Golden Sugar Company, a subsidiary of Flour Mills of Nigeria Plc and the operator of the estate will have over 25,000 hectares of land under cane if the company’s N160 billion plan is fully developed. This will result in the production of about 250,000 tonnes of sugar per year, according to the company. The plan includes a new sugar mill in Nasarawa.
The share price of Flour Mills of Nigeria Plc has closed flat at N31.00 per share since 7th April 2021. YtD the share price is up by 19.23%.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
