In an exclusive interview with the Group Executive Director, Corporate Finance of Dangote Group, Mr. Uzo Nwankwo, Proshare Invest-Africa gathered that Dangote Flour Mills will be coming to the Capital Market very soon with an Initial Public Offering which will last for ten (10) business days.
Dangote Flour Mills Plc started operation in 1999 with 500 MT per day capacity at Apapa and within a short space of time the factory rolled out high quality bread flour bread, Pasta Semolina, Danvita and wheat offal and is presently expanding and evaluating cereals, extruded snacks and feeds as natural extension of their current product range.
Current total installed capacity of Dangote flour mills is 4,000MT per day. All productions are readily absorbed by the market.
The public offering therefore, according to Mr. Nwankwo confirmed will be the Dangote Groups attempt to allow members of the general public to partake in the growth prospects open to the company.
The total number of shares for the company when listed should be about 5 billion shares with about 750 million shares being the number available for the public offering.
Dangote Flour is coming to the market at N15 which is yet to be confirmed as this is waiting approval from SEC.
Dangote Flour has achieved spectacular growth since its inception in 1999 when it started with its first 500 Mt/day milling unit in Lagos (Apapa).Dangote Flour, he said controls more than 25% of the flour market share with surplus installed milling capacity.
Dangote Flour is continuously researching possible new product developments using their current superior milling facilities and raw material to expand into other markets.
It is expected that once this offer is concluded, next operation to go public will be Dangote Cement, a division modestly valued at about $15billion with factories at Benue owning about 50% shareholding of Benue Cement Plc (BCC), Obajana in Kogi, Ibese in OgunState and Odukpani near Calabar.