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Home Companies Company News

Flour Mills joins the fund raising drive

Onome Ohwovoriole by Onome Ohwovoriole
October 9, 2017
in Company News, Corporate Press Releases
Flour Mills joins the fund raising drive

Paul Gbedodo, Managing Director, FMN,Plc

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Flour Mills of Nigeria Plc is the latest blue chip firm to embark on capital raise in the Nigerian Stock Exchange (NSE). In a notice sent to the NSE, the firm to raise capital through a combination of rights issue and medium term notes. Guinness Nigeria Plc had last week announced that its rights issue had been 116% subscribed. UPDC, Portland Paints Plc, and Livest

How much is the firm raising?

While the debt portion is put at N70 billion, the firm is yet to state how much it will raise through the rights issue. Flour Mills, had in 2016 got approval from the Securities and Exchange Commission (SEC) to raise up to N40 billion though a rights issue. The firm is currently consulting with stakeholders (finanicial advisers, stakeholders and issuing houses) to determine the right time and cost for issuing the instruments.

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Here is a copy of the notice.

Flour Mills of Nigeria Plc (FMN) was incorporated on 29th September, 1960 as a private limited liability company with a paid-up share capital of N1 million and converted to a public company in November, 1978.

The group is primarily engaged in flour milling; production of pasta, noodles, edible oil and refined sugar; production of livestock feeds; farming and other agro-allied activities; distribution and sale of fertilizer; manufacturing and marketing of laminated woven polypropylene sacks and flexible packaging materials. Flour Mills is also involved in ports operation of Terminals A and B at the Apapa Port, as well as shipping logistics.

Flour Mills Shares closed at N27.87 in today’s trading session on the NSE, up 5%. Year to date, the shares are up 50%. Results for the period ended show revenue increased from N342 billion in 2016 to N524 billion in 2017. Profit before tax however fell from N11.4 billion in 2016 to N10.4 billion in 2017. The company declared a dividend of N1.00 per share.

Tags: Flour Mills
Onome Ohwovoriole

Onome Ohwovoriole

Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com

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