Flour Mills of Nigeria Plc, a leading agro-allied firm chaired by Greek multimillionaire John Coumantaros, is looking to raise an extra N200 billion ($120 million) in new capital, subject to shareholder approval at its upcoming 64th Annual General Meeting.
This action intends to reinforce the company’s financial foundation as it pursues its aggressive expansion strategy, aided by recent stock gains and solid financial performance.
In a recent statement, the company’s secretary stated that the AGM, which is set for this month, will also include the presentation of audited financial accounts for the fiscal year ending March 31, 2024. The meeting will include critical reports from directors, auditors, and the audit committee, with the capital increase being a high priority.
This follows an offer by Excelsior Shipping Company Limited, related to John Coumantaros, to acquire all outstanding minority interests in Flour Mills. The acquisition would further consolidate control of the corporation, increasing operational efficiency and preparing it for greater market influence.
A proposed dividend of N1.08 ($0.0006) per share for shareholders is also on the agenda, with payment expected by mid-November 2024. The AGM will also consider the re-election of board members, including Coumantaros, Jerry Gana, and Rabiu Gwarzo, in accordance with the Companies and Allied Matters Act (CAMA) 2020.
Remuneration and remuneration for auditors will also be discussed, as will the appointment of new audit committee members as required by law.
Flour Mills, a leader in Nigeria’s food and agro-allied industries, owes its success to the visionary leadership of its founder, the late George Coumantaros, and his son, John Coumantaros, who now serves as chairman.
Under John Coumantaros, who has a 63.34 percent share in Flour Mills via Excelsior Shipping, the company has established itself as a dominant power in the field.
In the first quarter of the 2025 fiscal year, the company recorded a 67.23 percent increase in revenue to N763.2 billion ($460.1 million) from N456.4 billion ($279.3 million) the previous year. The stock has increased by more than 80% this year, indicating significant investor confidence.
