Flour Mills of Nigeria Plc to Raise Additional Equity Funds

Lagos, Nigeria; 5 October 2017. The Board of Directors, Flour Mills of Nigeria Plc (FMN) has given approval in principle, to the plans to commence with activities to raise additional funds through a Rights Issue and Medium-Term Notes.
The company disclosed that it had registered a shelf fund raising program in 2016 with the Securities and Exchange Commission to raise up to N40 Billion in equity funds through a Rights Issue; and plans are now in progress towards the possibility of commencing with the first tranche. The exact amount to be raised will be confirmed by the Board of Directors in due course.

Additionally, the company has also revealed plans to raise N70 billion through Medium Term Notes. The company affirms that it has commenced discussions with stakeholders – Financial Advisers, Legal Advisers and Issuing Houses to determine the right time and cost for issuing such financial instruments which will eventually be duly registered with the proper financial bodies.

About Flour Mills of Nigeria Plc
Flour Mills of Nigeria Plc. (FMN) Group, is the market leader in food and agro-allied products in Nigeria, today. The Group is a fully vertically integrated foods company that primarily engages in flour milling, and food processing – Our flagship food brand, “Golden Penny,” is a staple in Nigerian homes, providing nourishment for millions of Families, every day. Our foods portfolio covers wheat-based products like Semovita, Masavita, Pasta, Noodles, and complementary foods like Vegetable oils, Margarine & Spreads, refined sugar, breakfast cereals and snacks.

Outside of foods, the FMN Group has made strategic investments in several agro-allied ventures, and support services that include several large-scale farms and support services like, polypropylene sack manufacturing, transportation, port operations and shipping.

With over twelve thousand full and part-time employees, Flour Mills is at the forefront of the green revolution in Nigeria with the use of locally sourced materials to develop and produce unique consumer products for local markets. This strategy is reducing dependence on imported raw materials, generating foreign exchange savings and creating value for businesses, consumers and the country at large.

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