Dangote Flour Mills Delisted From NSE

The Nigerian Stock Exchange has delisted Dangote Flour Mills Plc from its daily official list.

The NSE said in a statement that the action was in reference to a market bulletin dated Monday, October 28, 2019, with reference number NSE/RD/LRD/MB59/19/10/28.

This had notified dealing members of full suspension of trading in the shares of Dangote Flour Mills.

Shareholders of Dangote Flour Mills had in October approved the sale of the company to Olam at a court ordered meeting in Lagos.

The NSE said the 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 would ultimately lead to the delisting of Dangote Flour Mill from the NSE.

The statement read in part, “Dealing members are hereby notified that DFM was on November 18, 2019 delisted from the daily official list of the Exchange.”

Olam International Limited had in April offered to buy all outstanding and issued shares in Dangote Flour Mills not currently owned by it for N120bn.

Dangote Flour Mills said in a notice that the total consideration being offered by Olam and being considered by its board for the entire five billion issued shares of the company was reviewed from N130bn to N120bn to represent the enterprise value on a debt-free, cash-free basis and payable in cash at the closing of the proposed transaction.

The notice said the consideration would be adjusted for net working capital and net debt as of March 31, 2019 or any other later date that might be agreed by Olam and the board of Dangote Flour to arrive at the final price payable to equity shareholders.

The Managing Director, Crown Flour, Anurag Shukia, said his company intended to maintain and expand Dangote’s business, as well as provide enhanced manufacturing capacity and create synergies to deliver improved products to customers across the country.