The Securities and Exchange Commission has approved Flour Mills of Nigeria’s acquisition of its majority shareholder, Excelsior Shipping Company Limited.

In a statement released on the Nigeria Exchange and signed by Flour Mills of Nigeria’s company secretary, Umolu Joseph, it was noted on Thursday that the acquisition would be carried out through a Scheme of Arrangement, following Section 715 of the Companies and Allied Matters Act 2020 (as amended).

Under the terms of the scheme, all outstanding shares of Flour Mills not already owned by Excelsior would be acquired by the company.

The management of Flour Mills expressed optimism, stating, “We are pleased to have received the SEC’s approval, which is a significant step forward in our efforts to enhance shareholder value and streamline our ownership structure.”

The company has also secured an order from the Federal High Court to convene a court-ordered meeting on November 14 at the Victoria Island area of Lagos.

Joseph noted, “The court-ordered meeting is crucial for us to move forward with this acquisition and align our interests with those of our majority shareholder. We encourage all shareholders to participate.”