The entire issued share capital of Flour Mills of Nigeria Plc has been removed from the Daily Official List of the Nigerian Exchange (NGX), effective December 30, 2024. This marks the conclusion of the company’s delisting process, which began with the suspension of its shares on December 16, 2024.
In a statement included in the NGX weekly market report, the exchange confirmed the development:
“Following the approval of the Company’s application to delist its entire issued share capital from Nigerian Exchange Limited (NGX), please be informed that the entire issued share capital of Flour Mills of Nigeria was, on Monday, December 30, 2024, delisted from the Daily Official List of NGX.”
Consolidation of Ownership
The delisting follows a proposal by Flour Mills’ majority shareholder, Excelsior Shipping Company Limited, to acquire all outstanding shares held by minority shareholders. The move was aimed at consolidating ownership and streamlining operations.
The plan received a no-objection ruling from the Securities and Exchange Commission (SEC) and was executed in line with Section 715 of the Companies and Allied Matters Act (CAMA) 2020. This provision ensures that any remaining shares not owned by the majority shareholder are transferred to Excelsior Shipping Company Limited.
Implications for Shareholders
The delisting signifies a shift in Flour Mills’ operational structure, as the company transitions from a publicly traded entity to a privately owned one. Minority shareholders have been offered terms for the acquisition of their shares as part of the consolidation process.
This strategic move underscores Flour Mills of Nigeria’s focus on optimizing ownership and aligning its corporate structure with its long-term goals.
