Lagos, Nigeria — The Nigerian Exchange (NGX) has officially delisted the entire issued share capital of Flour Mills of Nigeria Plc from its Daily Official List, effective December 30, 2024.
This was confirmed in the NGX weekly market report, which explained that the delisting followed the approval of an application by Flour Mills for the removal of its shares from the exchange. The process began with a suspension of trading in the company’s shares on December 16, 2024, as announced in an earlier market bulletin.
The NGX stated: “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 in preparation for the delisting of the company. Following approval of the company’s application, its entire issued share capital was delisted from the Daily Official List on Monday, December 30, 2024.”
Meanwhile, Flour Mills of Nigeria Plc had announced a proposal by its majority shareholder, Excelsior Shipping Company Limited, to acquire all shares held by minority shareholders. The move is part of a consolidation strategy that necessitated the company’s delisting from the NGX.
The acquisition plan, which aligns with Section 715 of the Companies and Allied Matters Act (CAMA) 2020, ensures that any remaining shares not owned by Excelsior Shipping Company Limited would be transferred to the majority shareholder.
Prior to the announcement, the Securities and Exchange Commission (SEC) issued a “no objection” ruling for the transaction, fulfilling a critical regulatory requirement for the consolidation process.
By Enoch Odesola| January 6, 2025
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