LAGOS (Reuters) - Flour Mills of Nigeria said on Wednesday it will seek shareholders' approval to acquire a controlling stake in privately-held food manufacturer Rom Oil Mills, as it looks to boost its market share in Africa's most populous nation.
Nigeria -- a nation of around 160 million people and home to Africa's second-biggest economy -- has long been seen as one of the world's least-tapped frontier markets, particularly for fast-moving consumer goods.
Nigeria's biggest flour and pasta maker said in a notice to investors it would seek approval at its annual general meeting on September 12 to buy a 90 percent stake in Rom Oil Mills, based in Ibadan, southwest Nigeria.
Flour Mills, whose interests include cement and fertilizer manufacturing and has a 40 percent market share in flour milling, did not disclose how much it was offering for the stake in the vegetable and edible oil refining business.
Shares in Flour Mills were trading flat at 52 naira at 1239 GMT on the news, to value it at 121 billion naira
In 2009, Flour Mills acquired a 51 percent stake in privately-held rival Eagle Flourmills with a capacity of 850 tonnes per day.
Industry sources say total flour demand in Nigeria is over 2 million tonnes per annum and the country has 23 flour plants.
Source: http://news.yahoo.com/flour-mills-nigeria-seeks-approval-buy-rival-130856146--finance.html
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