Flour Mills to merge subsidiaries with holding company

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Flour Mills of Nigeria Plc (FMN) has announced plan to conduct a restructuring by merging five of its subsidiaries with its holding company under a scheme of External Restructuring.

Announcing the plan, the Group Managing Director, Flour Mills, Mr. Paul Gbededo, was quoted in a statement to have revealed that the company had obtained the approval-in-principle of the Securities and Exchange Commission (SEC) to merge five of its wholly owned subsidiaries – Golden Noodles Nigeria Limited, Golden Transport Company Limited, FMN Cement Industries (Nigeria) Limited, New Horizon Flour Mills Limited and Quilvest Properties Limited with Flour Mills of Nigeria Plc.

According to Gbededo, the principal reason for the restructuring was as a result of the need to streamline operations, reduce administrative costs, improve operating efficiency and derive full benefits of synergy in line with the company long term strategic thrust.

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