Modupe Gbadeyanka
By Modupe Gbadeyanka
The management of Nigerian Stock Exchange (NSE) has announced that Dangote Flour Mills is no longer a member of the local bourse and its shares no more tradeable on its platform.
A statement issued by NSE last week and signed by its Head of Listings Regulation Department, Mr Godstime Iwenekhai, confirmed that the flour milling firm ceased to be on its daily official with effect from Monday, November 18, 2019.
Before its eventual exit from the stock exchange last week, the buying and selling of the company’s shares by investors were suspended on the NSE trading platform.
This followed the sale of the company to its new owners, Olam Group, through a scheme of arrangement, which saw the buyer parting away with N120 billion, which was shared to shareholders.
As a result of the sale and the unwillingness of Olam to leave the organisation on the stock exchange, shares of Dangote Flour Mills were delisted from the local bourse.
“We refer to our market bulletin dated Monday, October 28, 2019, with reference number: NSE/RD/LRD/MB59/19/10/28, notifying dealing members of full suspension of trading in the shares of Dangote Flour Mills Plc (DFM).
“The above suspension, was as a result of the approval of the scheme of arrangement for the acquisition of the entire issued and fully paid ordinary shares of 50 kobo each in DFM held by scheme shareholders by Crown Flour Mills Limited, which will ultimately lead to the delisting of Dangote Flour Mill Plc from the Nigerian Stock Exchange.
“Consequently, dealing members are hereby notified that DFM was today, November 18, 2019, delisted from the daily official list of the exchange,” the notice read.
The sale of Dangote Flour Mills was approved by shareholders of the company at a court-ordered meeting (COM) held in Lagos last month, while holders of the firm’s securities were paid this month by the new owners.
