The acquisition of Flour Mills of Nigeria’s majority shareholder, Excelsior Shipping Company Limited, has been approved by the Securities and Exchange Commission.
A statement from Flour Mills of Nigeria’s company secretary, Umolu Joseph, announced that the acquisition will be conducted through a Scheme of Arrangement in accordance with Section 715 of the Companies and Allied Matters Act 2020 (as amended).
As per the scheme, all outstanding shares of Flour Mills not already held by Excelsior will be purchased by the company.
The management of Flour Mills expressed satisfaction with the SEC’s approval, recognizing it as a significant advancement in their efforts to boost shareholder value and simplify their ownership structure.
In addition, the company has obtained a Federal High Court order to convene a court-ordered meeting on November 14 in Victoria Island, Lagos.
Joseph emphasized the importance of the court-ordered meeting for progressing with the acquisition and aligning interests with the majority shareholder, urging all shareholders to participate.