The Details: The development was announced by the Nigerian bourse through a statement issued on the NSE website. This is coming after the shareholders of Dangote Flour Mills Plc endorsed the acquisition of the company by Crown Flour Mills Limited, the Nigerian subsidiary of Olam International Limited.
The acquisition was carried out through a Scheme of Arrangement just as many shareholders of Dangote Flour Mills supported the company’s management for the decision as reported by Nairametrics.
What this means: Consequent on this acquisition, trading in the shares of Dangote Flour Mills Plc have been fully suspended by the NSE and firm officially delisted from the exchange.
The statement read in part: “We refer to our Market Bulletin dated Monday, 28 October 2019, with Reference Number: NSE/RD/LRD/MB59/19/10/28, notifying Dealing Members of full suspension of trading in the shares of Dangote Flour Mills Plc (DFM or the Company).
The above suspension, was as a result of the approval of the Scheme of Arrangement for the acquisition of the entire issued and fully paid ordinary shares of 50 kobo each in DFM held by Scheme Shareholders by Crown Flour Mills Limited which will ultimately lead to the delisting of Dangote Flour Mill Plc from The Nigerian Stock Exchange (The Exchange).
Consequently, Dealing Members are hereby notified that DFM was today, 18 November 2019, delisted from the Daily Official List of The Exchange.”
Recent Developments: After the acquisition of Dangote Flour Mills Plc, Key members of the board stepped down from their positions at the flour milling company.
Asue Ighodalo, Thabo Mabe, Halima Aliko Dangote, Olakunle Alake, Arnold Ekpe, and Yabawa Lawan Wabi (MNI) all stepped down from the board on Friday, November 1, 2019.
Nevertheless, four directors were appointed to replace them. The new directors are listed thus:
- Venkataramani Srivathsan;
- Chandrasekaran Balaji;
- Mukul Mathur; and
- Anurag Shukla.
About Dangote Flour Mills Plc: Dangote Flour Mills Plc, formerly Tiger Branded Consumer Goods Plc, is a Nigeria-based company engaged in milling of wheat and production of wheat products. The Company is engaged in the processing and marketing of branded flour. The Company produces bread flour, confectionary flour and pasta semolina.