FMN Plc to Close N48bn Commercial Paper Offer Tuesday
Flour Mills of Nigeria (FMN) Plc will close its N48 billion Series 7 & 8 Commercial Papers sales on 9 April 2024, Comercio Partners Capital Limited told investors via an email.
The company’s latest commercial papers sales or offers in the local debt capital market come under its N200 billion borrowing programme.
FMN Plc is rated “A-” by Agusto & Co. and “A” by DataPro is the largest miller in the country with an installed milling capacity of approximately 9,310 metric tonnes per day.
The company has the largest food basket offering of any Nigerian FMCG company with over 28 consumer products, according to Comercio Partners.
It said Flour Mills’ core strength lies in its food business, which is the highest contributor to the Company’s revenue. The food business encompasses flour milling as well as the production of pasta, noodles, semolina, and wheat meal.
Flour Mills’ flagship flour brands, Golden Penny Flour and Golden Penny Pasta have sustained market leadership status in the flour and pasta markets. Naira Devaluation Deepens Economic Crisis in Nigeria
To sustain its leading position in the food business in Nigeria and Africa, the Company is focused on accelerating innovation in its products and processes, analysts told investors.
Flour Mills aims to continue to expand its current businesses while seeking to develop new ones both organically and through targeted acquisitions and/or joint ventures by taking advantage of scale, manufacturing excellence, strong brands and dominant market share.
The Company is seeking to issue Commercial Paper notes to support its short-term funding requirements, as part of its working capital management strategy.
