Foremost Food and Agro-allied company Flour Mills of Nigeria FMN Group has announced the completion of its ₦50 billion Sunti Golden Sugar Estate which is located in Mokwa, Niger State. The new sugar estate will be unveiled on March 15 by President Muhammadu Buhari.
The new sugar estate has 17,000 hectares of arable farmland, a sugar mill with a capacity to process 4,500 metric tonnes of sugarcane daily and at full capacity, the estate is expected to produce one million tonnes of sugarcane.
The company also invested over 1billion in the state-of the-art irrigation system that would facilitate all year round cultivation of sugarcane. The farm would also provide direct employment for about 10,000 people yearly with a projected 50,000 people indirectly.
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 sales 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 closed at ₦37 in yesterday’s trading session on the NSE, up 27.9% year to date. The company recently concluded a rights issue, proceeds of which will be used to deleverage its balance sheet.