- Flour Mills of Nigeria secures 98.67 minority shareholder approval for a buyout at N86 per share, advancing its ownership consolidation strategy.
- The buyout is part of Flour Mills' strategy to consolidate ownership under majority stakeholders, addressing valuation fairness concerns.
- Flour Mills saw a 75.98 revenue increase to N1.7 trillion 1.01 billion in H1 2025, with plans to invest 1 billion in growth.
Flour Mills of Nigeria Plc, a leading agro-allied group chaired by Greek multimillionaire John Coumantaros, has secured shareholder approval for a minority buyout scheme proposed by its majority stakeholder, Excelsior Shipping Company-linked to its chairman.
The move follows a resolution approved by the Federal High Court, clearing the path for the companys long-discussed acquisition strategy, which was first unveiled on Sept. 24.
During the companys 64th Annual General Meeting AGM at Lagos Balmoral Convention Centre, FMN revealed that 98.67 percent of minority shareholders approved the buyout offer at an enhanced price of N86 0.05 per share.
Path to consolidationThe move marks a pivotal step in FMNs strategy to consolidate ownership under its majority stakeholders while addressing longstanding concerns over valuation fairness. Discussions at the AGM reflected the emotional connection many shareholders have with the companys legacy and its role in Nigerias economic fabric.
At the AGM, Chairman John G. Coumantaros highlighted FMNs deep roots in Nigerias history and its pivotal role in the economy. He paid tribute to his father, George S. Coumantaros, who founded the company in the 1960s, and reaffirmed FMNs commitment to Nigerias growth and resilience.
