Flour Mills exits Nigerian stock exchange 45 years after listing
Flour Mills of Nigeria, listed in November 1978, is the latest company to leave the Nigerian Exchange Limited (NGX).
The NGX announced on Monday the delisting of Flour Mills of Nigeria from its Daily Official List following the approval of the company’s application to withdraw its entire issued share capital from the bourse.
The decision to delist stemmed from a court-ordered meeting held on 14 November 2024, where minority shareholders approved a proposal by the majority shareholder, Excelsior Shipping Company Limited, to acquire all outstanding minority shares. This transaction granted Excelsior full ownership of the company, facilitating Flour Mill’s transition to private ownership.
On 24 September 2024, Flour Mills informed the NGX and other stakeholders about an offer from its majority shareholder, Excelsior Shipping Company, to acquire all outstanding shares held by minority shareholders.
