Dangote Set To Sell His Dangote Flour Mills For $ 361 . 11 Million (N130 Billion )

Aliko Dangote is reportedly selling his loss-
making business unit, Dangote Flour Mills to
Olam International for N130 billion ($361.11
million).
The sale of Dangote Flour Mills Plc for N130
billion ($361.11 million), was announced in a
corporate disclosure posted on the Nigerian
Stock Exchange (NSE) on Tuesday.
According to Thabo Mabe, director at
Dangote Flours, Olam International has
indicated interest to acquire all the
outstanding and issued shares of the flour
mills company that are not currently owned
by Ola through its subsidiary, Crown Flour
Mills Limited.

“The total consideration offered by
Olam and being considered by the
Board of Dangote Flour Mills for
the entire 5 billion issued shares
of the company is N130 billion.
“The consideration represents the
enterprise value on a debt-free,
cash-free basis, payable in cash at
the closing of the proposed
transaction.
This consideration will be adjusted
for net working capital and net
debt as of 31 March 2019 or any
other later date that may be
agreed by Olam and the Board of
Dangote Flour Mills to arrive at
the final price payable to equity
shareholders.”





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