The Nigerian Stock Exchange has delisted Dangote Flour Mills Plc from its daily official list. The NSE said in a statement that the action was in reference to a market bulletin dated Monday, October 28, 2019, with reference number NSE/RD/LRD/MB59/19/10/28. This had notified dealing members of full suspension of trading in the shares of Dangote Flour Mills.
Shareholders of Dangote Flour Mills had in October approved the sale of the company to Olam at a court ordered meeting in Lagos. The NSE said the suspension was as a result of the approval of the scheme of arrangement for the acquisition of the entire issued and fully paid ordinary shares of 50 kobo each in DFM held by scheme shareholders by Crown Flour Mills Limited, which would ultimately lead to the delisting of Dangote Flour Mill from the NSE.
The statement read in part, “Dealing members are hereby notified that DFM was on November 18, 2019 delisted from the daily official list of the Exchange.” Olam International Limited had in April offered to buy all outstanding and issued shares in Dangote Flour Mills not currently owned by it for N120bn.