FLOUR MILLS OF NIGERIA PLC
In addition, FMN has also entered into an agreement with the
The business combination is subject to regulatory approval.
Consequently, upon completion of the acquisition, and subject to obtaining all requisite regulatory approvals, FMN is set to hold about 76.75 per cent equity interest in HFMP.
The transaction, according to Flour Mills in a regulatory filing signed by Umolu Joseph, its Company Secretary and Director, Legal Services, is in line with FMN's global growth strategy.
The company explained that "given FMN's parallel negotiations for both stakes, culminating in the agreement being signed on the same date, the basis for arriving at key commercial terms, including final equity price per share, will be the same.
Commenting on the transaction, Omoboyede Olusanya, Group Managing Director, FMN, said: 'The proposed transaction ts part of our global growth strategy; which is aligned with our vision to not only be an industry leader but also, a national champion for
Since 1960, through its iconic Golden Penny brand of flour, pasta, semolina, sugar, starch, oil, spreads and breakfast cereals, it has continued to build a diversified portfolio of accessible and wholesome food products, a robust Pan Nigerian distribution network and investments that enhance the lives of Nigerians.
The Group operates 17 modern manufacturing facilities across 12 states with production capabilities across grain milling, edible oil and sugar refining, agro-inputs and animal nutrition and proteins.
Vanguard News Nigeria
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