Following the approval of N1.20 kobo dividend by the shareholders of Flour Mills of Nigeria Plc, shareholders are expected to receive their dividend on Friday September 6, 2019. The approval was given on Wednesday September 4, 2019, at the company 59th Annual General Meeting (AGM) in Lagos.
The dividend is 20 percent above N1.00 that was paid to shareholders in 2018. Although the dividend was declared out of the company accumulated pioneer profit. The meeting afforded existing shareholders the opportunity to deliberate on the company operations and the way forward.
Areas of concerns from some shareholders that commented on the company performance, includes, flood issue that affected their sugar cane farm, Apapa traffic issue, reductions in cost of finance among others.
John Coumantaros, Chairman of the company, while responding to shareholders questions, explained that in 2019, they will continue to focus on their strategy of improving efficiency and synergy, while driving profitability in all key segments of the group.
According to him “with the accelerated expansion in the B2C segments of the business, proper alignment and restructuring of our agro-allied businesses, and the optimal operation of our supply chain, we are confident that the business will remain in a position of strength and continue to generate growth and create value for shareholders in the coming year”
Flour Mills of Nigeria Plc, was incorporated on 29th September, 1960 as a private limited liability company with a paid-up share capital of N1 million and converted to a public company in November, 1978. The beneficial interest in the company’s equity is held by Nigerian and Overseas shareholders.
Presently, two foreign shareholders own about 56 percent of the company’s paid-up share capital. The balance is held by over 75,000 individuals and institutional investors. Its share price closed at N13.53 kobo on Wednesday September 4, 2019.