NIGERIA – In pursuit of the company’s strategy and focus on the growth of its core food and agro-allied businesses, Flour Mills of Nigeria Plc (FMN) has divested its interest in United Cement Company of Nigeria Limited (Unicem) to its current partner, Nigeria Cement Holding (NCH), a 50 per cent affiliate of Lafarge Africa Plc.
A statement from the company said the decision was taken by the Board of Directors of FMN.
The statement signed by the Group Managing Director/Chief Executive Officer, Flour Mills, Mr. Paul Gbededo explained that the board of director of FMN approved a resolution to enter into a binding purchase agreement with NCH to dispose its 30 per cent equity investment in Unicem, held through its wholly owned subsidiary FMN Cement Industries Nigeria Limited, in two tranches.
The first tranche comprise its 15 per cent equity investment in Unicem payable during first quarter 2015 while the second tranche comprise the remaining equity investment, payable no later than 29th February 2016.
“Further to this transaction, FMN’s shareholder loan in Unicem will also be repaid. On Friday, November 7th, the purchase agreement was executed by the parties,” it added.
November 13, 2014; http://www.thisdaylive.com/articles/flour-mills-divests-from-unicem/193904/