Flour Mills announces increased shareholding in subsidiary
The decision is predicated on a strategy to improve investments
Stella Mbah | Monday, 17 July 2017 3:37pm | business
Flour Mills Nigeria Plc. (FMN) on Monday announced its decision to increase its shareholding on one of its subsidiaries Rom Oil Mills Limited from 90 percent to 95 percent in order to strengthen the company’s growth.
Following this decision, the indigenous food and agro-allied company said that the remaining 5 percent would be collectively owned by the Shahimi family.
According to a statement from the company, the decision to increase shareholding in Rom Oil Mills was informed by the company’s strategy to continually invest in the development of quality foods and agro-allied products for its customers.
Announcing the increment in shareholding, FMN Group Managing Director/Chief Executive, Paul Gbededo stated that the company is fully confident that its investment would help to strengthen the company in its drive for economic growth and industrial development of Nigeria.
He further stated that the investment was a key feature in the company’s strategic drive to grow its food and agro-allied value chains in consonance with and will boost Nigeria’s Industrial Revolution Plan (NRIP) and Government’s Agricultural Transformation Agenda (ATA).
The company believes that the operation of Rom Oil will continue to significantly help to maximize local content, achieve foreign exchange savings and have a big impact on feeding the nations better.