Flour Mills of Nigeria plans to acquire edible oil business
This move is part of the company's strategy to strengthen its presence in Nigeria. In a notice to in…
This move is part of the company's strategy to strengthen its presence in Nigeria.
In a notice to investors, the company said that it will seek approval at its annual general meeting on 12 September 2012. However, the company did not disclose the amount it would be offering for the stake, reported Reuters.
Flour Mills, which is involved in cement and fertilizer manufacturing, has 40% market share in flour milling. In 2009, the company purchased 51% stake in privately-held rival Eagle Flourmills.
Currently, Nigeria has 23 flour facilities, and has an annual demand of 2 million tonnes.