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Dangote Is Selling His ‘Dangote Flour Mills’ For N130bn

Tony Orji by Tony Orji
April 24, 2019
in News
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Aliko Dangote is reportedly selling his loss-making business unit,
Dangote Flour Mills to Olam Int’l for N130 billion ($361.11 million).
The sale of Dangote Flour Mills Plc for N130 billion ($361.11 million),
was announced in a corporate disclosure posted on the Nigerian Stock
Exchange (NSE) on Tuesday.

According to Thabo Mabe, director at Dangote Flours, Olam International
has indicated interest to acquire all the outstanding and issued shares
of the flour mills company that are not currently owned by Olam through
its subsidiary, Crown Flour Mills Limited.

“The total consideration offered by Olam and being considered by the
Board of Dangote Flour Mills for the entire 5 billion issued shares of
the company is N130 billion.

“The consideration represents the enterprise value on a debt-free,
cash-free basis, payable in cash at the closing of the proposed
transaction. This consideration will be adjusted for net working capital
and net debt as of 31 March 2019 or any other later date that may be
agreed by Olam and the Board of Dangote Flour Mills to arrive at the
final price payable to equity shareholders.”

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Dr. Tony Orji is the founder and owner of Success Tonics Blog. He is a Senior Lecturer at the Department of Economics, University of Nigeria, Nsukka.

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About Dr. Anthony Orji

Dr. Anthony Orji

Senior Lecturer

Dr Anthony Orji is a Ph.D holder in Economics and a lecturer at the Department of Economics, University of Nigeria Nsukka.

He obtained his B.Sc, Msc and Ph.D Degrees from the University of Nigeria, Nsukka and a Post Graduate Diploma in Sustainable Local Economic Development (SLED) from Erasmus University, Rotterdam Netherlands.

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