The entire issued share capital of Flour Mills of Nigeria has been removed from the Daily Official List of the Nigerian Exchange (NGX).
The entire issued share capital of Flour Mills of Nigeria has been removed from the Daily Official List of the Nigerian Exchange (NGX).
According to a statement in the NGX weekly market report, NGX informed investors and the public that the delisting of Flour Mills shares came into effect on December 30, 2024.
This announcement follows an earlier bulletin issued by the exchange on December 16, which informed the public about the suspension of trading in the company’s shares. According to the notification, the suspension was a preparatory step for the delisting of Flour Mills from the exchange.
“We refer to our market bulletin of December 16, 2024, with reference number: NGXREG/IRD/MB93/24/12/16, wherein the market was notified of the suspension placed on trading in the securities of Flour Mills of Nigeria Plc (the Company) in preparation for the delisting of the Company.
“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.” NGX further confirmed.
On its part, Flour Mills of Nigeria Plc announced a proposal by its majority shareholder, Excelsior Shipping Company Limited, to acquire all shares held by minority shareholders.
This decision, aimed at consolidating ownership, would result in the company’s delisting from the Nigerian Exchange (NGX).
The acquisition had already received a “no objection” ruling from the Securities and Exchange Commission (SEC) prior to the announcement, fulfilling a key regulatory requirement.
The plan, outlined under Section 715 of the Companies and Allied Matters Act (CAMA) 2020, mandated that any outstanding shares not owned by Excelsior Shipping Company Limited would be transferred to the majority shareholder.
