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.

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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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