Mathew Amaechi
The Nigerian Exchange Group (NGX) has officially delisted the shares of Flour Mills of Nigeria Plc, marking the company’s definitive withdrawal from the nation’s capital market. This move brings to a close a significant chapter in the history of one of Nigeria’s leading food manufacturing firms.
The NGX confirmed the removal of Flour Mills of Nigeria Plc’s shares from its daily official list, effective December 30, 2024. This delisting follows the Exchange’s approval of the company’s application to withdraw its entire share capital from public trading.
The move was initiated after Excelsior Shipping Company Limited, the majority shareholder of Flour Mills, extended an offer to acquire the shares held by minority stakeholders. The transaction, valued at ₦105.2 billion, enabled Excelsior to consolidate full ownership of the company.
With this development, Flour Mills of Nigeria Plc will no longer be publicly traded, and its removal will impact the NGX’s market capitalization. This shift underscores the changing dynamics within Nigeria’s capital markets, as Flour Mills embarks on a new chapter as a wholly private entity under Excelsior’s full control.
The delisting of Flour Mills of Nigeria Plc marks a significant milestone in the company’s history, and its impact will be closely watched by market stakeholders and analysts.
