Dangote Is Selling Off His 'Dangote Flour Mills' Among Others

Aliko Dangote is reportedly selling his misfortune making specialty unit,
Dangote Flour Mills to Olam Int'l for N130 billion ($361.11 million). The clearance of Dangote Flour Mills Plc for N130 billion ($361.11 million), was reported in a corporate revelation posted on the Nigerian Stock Exchange (NSE) on Tuesday.
Dangote Is Selling Off His 'Dangote Flour Mills' Among Others
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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