Dangote, 5 Others Quit Dangote Flour After Sale to Olam

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By Dipo Olowookere

The resignation six directors on the board of Dangote Flour Mills has been announced by the company after owners of the flour milling giant sold their holdings to Olam.

Olam, through its subsidiary, Crown Flour Mills Limited, acquired about 5 billion units of the company’s shares held by other shareholders for the sum of N120 billion.

Business Post reports that the acquisition of the 5 billion ordinary shares of 50 kobo each of Dangote Flour was done at N24 per unit, an amount that is 124 percent premium to the last traded share price of the company on April 18, 2019 and 145 percent premium on the three months weighted average share price of the company as at April 18, 2019.

On Monday, October 14, 2019, shareholders of the company, at a court-ordered meeting (COM), approved the sale of the flour miller to Olam and shares of the company were subsequently delisted on the Nigerian Stock Exchange (NSE) some days after.

Yesterday, the company announced changes to the board. In the disclosure, the resignation of six members from the board, including Halima Aliko Dangote, one of the daughters of former owner of the firm, Mr Aliko Dangote.

Other members, who resigned from the board effective November 1, 2019, were Asue Ighodalo, Thabo Mabe, Olakunle Alake, Arnold Ekpe and Yabawa Lawan Wabi.

“Dangote Flour Mills Plc wishes to announce to the investing public the following changes in the composition of its board Asue Ighodalo, Thabo Mabe, Halima Aliko Dangote, Olakunle Alake, Arnold Ekpe and Yabawa Lawan Wabi,” the statement said.

It also announced the appointment four persons to the board of directors of the company with effect from October 31, 2019. It was gathered that the new directors were picked by the new owners of Dangote Flour Mills, Olam.

“The following persons have been appointed as directors of the company with effect from October 31, 2019 Venkataramani Srivathsan, Chandrasekaran Balaji, Mukul Mathur and Anurag Shukla,” the disclosure added.

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