Flour Mills Targets N70b from Medium Term Notes

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The Management of Flour Mills of Nigeria(FMN) has revealed plans to raise about N70 billion through Medium Term Notes.

The firm, in a statement signed by its Director of Legal Services, Umolu Joseph, disclosed that already, the company has commenced talks with its shareholders concerning this move.

In addition, the flour miller disclosed in the statement that it has received the approval of its board of directors in principle to begin activities to raise additional funds through a Rights Issue.

“In a statement released recently, the company disclosed that it has registered a shelf fund raising programme in 2016 with the Securities and Exchange Commission (SEC) to raise up to N40 billion in equity funds through a rights issue; and plans are now in progress towards the possibility of commencing with the first tranche.

“The exact amount to be raised will be confirmed by the board of directors in due course.

“Additionally, the company has revealed plans to raise N70 billion through Medium Term Notes.

“The company affirms that it has commenced discussions with stakeholders; financial advisers, legal advisers and issuing houses to determine the right time and cost for issuing such financial instruments which will eventually be duly registered with the proper financial bodies,” the statement read.

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