THE shareholders of Flour Mills of Nigeria (FMN), at the company’s 62nd Annual General Meeting (AGM) in Lagos, have given approval to the resolution to authorise the directors to raise additional capital for the company to the tune of N200billion.
At the AGM, shareholders also approved the management’s N2.15 dividend payout for 2022 financial, while calling on the management to declare a bonus payout amid improved performance over the years.
At the AGM, shareholders also consider authorised the Directors of he company to take all necessary steps to comply with the requirements of the Companies and Allied Matters Act 2020 and the Companies Regulations 2021 regarding the unissued shares of the Company, including the cancellation of 899,604,394 units of unissued ordinary shares of the Company.
Speaking to shareholders at the AGM, the Chairman of FMN, Mr John Coumantaros, represented by Vice- Chairman, Mr. Paul Gbededo, said despite the prevailing challenges around the world especially as global economies struggled to recover amidst supply chain disruptions caused by the prolonged effect of the COVID-19 pandemic and worsened by the ongoing conflict between Ukraine and Russia, the Group has delivered another impressive performance.He noted that businesses and consumers in Africa are facing significant peculiar and aggregate economic challenges over the increasing volatility of the global economy.
“Our group aims to counteract some of these headwinds by remaining committed to increasing the local content of its inputs and outputs. Undoubtedly, the need to add value further upstream on the supply chain and lessen dependency on imported raw materials has become more crucial.
“Similarly, following best practices, we are developing a flexible and agile route to market strategy by investing in expanding and improving our group-wide sales. Marketing, and distribution capabilities,” he stated looking ahead.
Speaking also, the Group Managing Director/Chief Executive Officer, FMN Mr. Omoboyede Olusanya on the 71.69 per cent acquisition of Honeywell Flour Mills noted that the company group has become a more resilient national champion with an ambition of becoming a market leader in Africa.“Given the size of the acquisition, it is fair to say that we have created even more opportunities for our stakeholders.”
Looking to the future, he said, “Without giving too much away just yet, I can assure shareholders that our consumers are up for an exciting time as we gradually introduce the numerous innovative ideas we have in the pipeline.
“Over time, we will invest heavily in expanding our route to market strategy to encompass other segments, which we will accomplish by focusing on an even deeper understanding of our consumer needs by innovating.”
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