NGX Suspends Trading Flour Mills of Nigeria Shares
Ahead of a final delisting, equities market regulator, the Nigerian Exchange Limited (NGX), has suspended trading on Flour Mills of Nigeria Plc shares, according to stockbrokers.
Today, the Nigerian Exchange Limited announced that trading in the shares of Flour Mills of Nigeria Plc has been suspended with effect from Monday, 16 December 2024.
This suspension has been implemented to facilitate the delisting of the company’s securities, in line with the approval granted by the NGX, Cowry Asset Limited told investors in an emailed note.
Stockbrokers said the measure is intended to ensure an orderly process and to prevent further trading activities as part of the delisting preparations.
Flour Mills of Nigeria Plc hereby notifies Nigerian Exchange Limited it received an offer from the majority shareholder Excelsior Shipping Company Limited to acquire all shares held by the minority shareholders in Flour Mills.
The transaction will be implemented by way of a scheme of arrangement between the company and the minority shareholders, in accordance with the provisions of Section 715 of the Companies and Allied Matters Act 2020 (as amended).
Under the terms of the scheme, the minority shares (being all the outstanding shares of Flour Mills not already held by Excelsior) will be acquired by Excelsior.
The core investor holds 2.59 billion shares, or 63 percent stake, in FMN, worth N142.8 billion as of September 24, 2024. Excelsior Shipping Company plans to buy out minority shareholders, offering them a N105.2 billion exit package.
At the end of the buyout, FMN would be delisted from the stock market. The deal has already received the approval of the Securities and Exchange Commission (SEC). #NGX Suspends Trading Flour Mills of Nigeria Shares FG Allocates N80bn for Construction of 4 New Institutions in Zaria
