Grapevine

SEC, NGX approve Flour Mills minority shareholders buyout

“The process, which is being conducted through a scheme of arrangement, has received a “No Objection” from the relevant regulators, namely the Nigerian Exchange; and the Securities and Exchange Commission of Nigeria.

It was explained that the resolution would be considered approved if at least 75 per cent of the members present and voting, either in person or by proxy, support the resolution during the court-ordered meeting.

Commenting, Group Managing Director, FMN, Mr Boye Olusanya, stated, “In line with FMN’s ambition to become the leading pan-African Food business that feeds and enriches the lives of its consumers every day with quality brands, this move aligns with our strategy aimed at positioning the company to achieve its 10-year vision of building a company that is sustainable, resilient, dynamic and adaptable in its people, systems, and structures.”