The Securities and Exchange Commission (SEC) has granted approval for Flour Mills of Nigeria Plc to acquire the minority shares of its majority shareholder, Excelsior Shipping Company Limited. The announcement was made in a statement released on the Nigeria Exchange and signed by the company secretary, Umolu Joseph, on Thursday.
The acquisition will be executed through a Scheme of Arrangement, in accordance with Section 715 of the Companies and Allied Matters Act 2020 (as amended). Under this scheme, all outstanding shares of Flour Mills not already owned by Excelsior will be acquired by the company.
Flour Mills’ management expressed optimism about the SEC’s approval, stating, “We are pleased to have received the SEC’s approval, which is a significant step forward in our efforts to enhance shareholder value and streamline our ownership structure.”
Additionally, the company has secured a Federal High Court order to convene a court-ordered meeting on November 14 at its Victoria Island office in Lagos. Joseph noted that this meeting is crucial for moving forward with the acquisition and aligning interests with their majority shareholder. He encouraged all shareholders to participate actively in the meeting.
