Flour Mills of Nigeria Plc Notifies on the Transfer of its Assets in Golden Fertilizer Division


Thursday, January 24, 2018 02:55PM / NSE


Flour Mills of Nigeria Plc (“FMN” or “FMN Group”), the market leader in food and agro allied products in Nigeria, today announced that it has filed a Scheme of Arrangement with the Securities and Exchange Commission (SEC) to transfer its existing assets in one of its divisions, Golden Penny Fertilizer, to its wholly owned Agro Allied company, Golden Fertilizer Company Limited.

The move which is part of a well-thought-out, and ongoing restructuring process within the FMN Group, is expected to improve synergy, increase efficiency, and ultimately position FMN for greater operational and financial flexibility to ensure continued business growth. .

Upon approval by SEC, and on completion of the restructuring process, Golden Fertilizer Company Limited, will serve as a Holding company for all FMN Group’s agro-allied businesses.

The proposed restructuring will be effected through a Scheme of Arrangement (the “Scheme”) under Part XII of the Investment and Securities Act No 29 of 2007 (ISA), and Section 539 of the Companies and Allied Matters LFN 2004.

Further details will be revealed in due course and as the need arises.

Related News

1.                                FLOURMILL to Hold Its AGM on Thursday, 30th of August, 2018

2.                               Flour Mills of Nigeria Q4 2018 Results - Sales Down by -14% YoY to N115.16bn

3.                               FLOURMILL Declares N13.62bn PAT in 2018 Audited Result,(SP:N32.00k)

4.                               Flour Mills of Nigeria Plc Rights Issue Closes on 21 February 2018

5.                               Flour Mills of Nigeria Plc Proposed 1.48bn Rights Issue

6.                               Union Bank’s Rights Issue Records 120 percent Subscription Success

7.                               Flour Mills of Nigeria PLC Set to Undertake N39.9B Rights Issue

Related News